HONGKONG/FRANKFURT/TOKYO: Global private equity firms Bain Capital, Carlyle Group and KKR & Co are among potential bidders for Japanese conglomerate Hitachi Ltd's chemical unit, three people familiar with the situation told Reuters.
Hitachi plans to sell its majority stake in Hitachi Chemical and the process could start as early as this month, Reuters has reported.The conglomerate shortlisted a select group of financial sponsors and strategic suitors for the bidding process after initial conversations with interested parties earlier this year, two of the people said, declining to be identified as the information is confidential.Hitachi owns 51.2 percent in its chemical unit, which is worth about US$2.
Hitachi Chemical's share price, which closed at 2,992 yen apiece Thursday, has almost doubled since the beginning of this year, bouncing back from 2018 when it was hit by a series of scandals.
Japan inbound deal value - at US$6.7 billion as of Thursday, grew over 7 times from the same period last year, according to Refinitiv data. Private equity-backed deals have amounted to US$1.58 billion, up 76per cent year-on-year, despite a big drop in total number of deals, the data showed. Hitachi last year agreed to buy a majority stake in ABB's power grid unit. It said last month it would acquire U.S. firm JR Automation Technologies, which makes logistic systems using industrial robots, for US$1.4 billion.Its divestitures include semiconductor equipment maker Hitachi Kokusai Electric Inc and the power tool unit Hitachi Koki, both of which were sold to KKR.
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