KKR to acquire Hitachi Koki
Investment firm KKR announced a tender offer to acquire a majority of shares of power tool and life science equipment manufacturer Hitachi Koki Co. Ltd.
Hitachi Koki is actively pursuing expansion in global markets, and previously acquired German power tool company Metabo in March 2016. It also formed a strategic alliance with major North American hardware chain Lowe's Companies Inc. in 2015.
The transaction values Hitachi Koki at JPY 147.1 billion (approx. US$1.28 billion).
"Hitachi Koki is a world-class manufacturer of power tools and a developer of innovative tool technologies. The company is well-positioned for further organic and inorganic growth given the high quality of its products, its high-caliber team and the attractive environment for power tools through cordless and digital trends. Looking ahead, we are fully committed to leveraging our global network and resources to provide full support to Hitachi Koki in pursuing its growth strategy," said Hiro Hirano, member of KKR and CEO of KKR Japan.