May 16, 2022 | Industrials | North America | Ended

Hitachi Transport System / KKR: Deal Insights

US private equity firm KKR (KKR US) announced on 28-Apr-22 its intention to launch a tender offer to acquire Hitachi Transport System (“HTS”; 9086 JP) at JPY 8,913, in a deal valued at $5.2bn. The price represents a 31.9% premium over the target’s unaffected price on 21-Apr-22, when Nikkei Asia first reported that talks were taking place. The structure of the deal requires HTSK Co. Ltd, a private entity owned by the investment funds managed at KKR, to first acquire 60.1% of HTS through the tender offer. The remaining 39.9% stake, currently held by HTS’ parent and leading shareholder, Hitachi (6501 JP), will be rolled over into the KKR-held entity such that Hitachi will hold 10% of the voting rights in HTSK, while KKR will own the remaining 90%. The tender offer is expected to commence in late September 2022 once the sponsor secures antitrust approvals in Japan, China, the US, Europe, Russia, and Turkey, and domestic and foreign investment approvals in Japan ...

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