Car Electronics Systems Company Pioneer Bought by Hong-Kong Fund
Japanese electronics firm Pioneer become a wholly owned unit of a Hong Kong-based fund in a deal worth $904 million.
Pioneer, known for its audio equipment as well as car electronics systems, said Baring Private Equity Asia has agreed on a 102-billion-yen ($904 million) plan to revive the struggling Tokyo-based company.
Baring will make a 77-billion-yen investment in Pioneer, along with a 25-billion-yen offer to buy existing shares from shareholders.
"These steps will secure working capital vital for Pioneer's business operations," a joint statement from the two firms said.
"Once privatised, a range of significant changes will be made to revitalise Pioneer, including reviews of the company's business lines as well as structural reforms and an overhaul of the management team," i...