Published On: Tue, Nov 22nd, 2016

Nissan to sell Calsonic Kansei to KKR for $3.6 Billion

L-R Henry Kravis and George Roberts,   KKR COURTESY

 

U.S. global investment firm KKR is planning to make a tender offer for all of 41 percent existing common share held by Nissan Motor in Japanese automotive components manufacturer Calsonic Kansei Corporation and the rest from the market.

The deal is likely to be worth $3.6 billion.

Calsonic said the issue would be put for discussion at its board meeting. Calsonic shares jumped more than 9 percent to 1, 443 yen immediately after the market opened.

The tender offer is planned to be commenced subject to the fulfillment of certain conditions in the Tender Agreement and the Bidder currently expects to commence the tender offer in February 2017.

Calsonic specializes in interiors, electronics, air-conditioning units and compressors, and relies on Nissan for about 80 percent of its global sales.

KKR makes its proposed investment from its Asian Fund II. KKR has been investing in Japan through its pan-regional private equity funds since 2010. Japan has been and continues to be a key focus for KKR in the region.

To date, KKR has completed three acquisitions in the market: Intelligence Ltd., a leading human resources services company; Panasonic Healthcare, the carve-out health care business of Panasonic Corporation; and Pioneer DJ, the carve-out DJ equipment business of Pioneer Corporation.

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