By Kosaku Narioka

KKR & Co. said Thursday that it plans to acquire Hitachi Transport System Ltd. through a tender offer.

The U.S. private-equity company said the tender offer price is 8,913 yen a share and that it expected to commence the tender offer by late September.

Hitachi Ltd. said it would sell a 39.9% stake in Hitachi Transport under the affiliate's share buyback program. Hitachi plans to sell the Hitachi Transport stake for 222.0 billion yen ($1.73 billion), or Y6,632 a share.

Hiro Hirano, co-head of Asia Pacific private equity at KKR, said the private-equity company looks forward to using its global network and expertise to help Hitachi Transport achieve its goal of becoming the leading third-party logistics company in Asia.

Hitachi Ltd. said it planned to take a 10% voting stake in the parent of a KKR entity that plans to start the tender offer.

In a bid to revamp its business portfolio, Hitachi Ltd. has been selling its subsidiaries and affiliates. In July 2021, it bought Silicon Valley-based software development services provider GlobalLogic Inc. to bolster its digital services business.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

April 28, 2022 03:19 ET (07:19 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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