Hitachi Unveils Plan To Sell $1.6B Stake In Construction Biz

By Benjamin Horney (January 14, 2022, 3:03 PM EST) -- Hitachi Ltd. announced on Friday that it will sell roughly half of its stake in its own construction business to a consortium that includes a business owned by Japanese trading company Itochu Corp., in a transaction worth roughly 182.4 billion yen ($1.6 billion).

The agreement calls for Hitachi to sell a roughly 26.1% stake in Hitachi Construction Machinery Co. to JIP Consortium SPC for 3,300 yen ($28.92) per share, according to a statement. The buying consortium includes Itochu-owned Citrus Investment LLC, as well as Japan Industrial Partners Inc. It's anticipated that the share sale will take place in June of this...

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