Orix To Pay $397M For Sumitomo's Orix Credit Stake

Law360, New York (June 4, 2012, 5:57 PM EDT) -- Tokyo conglomerate Orix Corp. will pay 31 billion yen ($397 million) to exit a joint venture with a division of Sumitomo Mitsui Financial Group Inc. and reclaim Orix Credit Corp. as a wholly owned subsidiary, Orix Corp. said Monday.

The deal, which will transfer ownership of more than 4 million Orix Credit shares from SMFG subsidiary Sumitomo Mitsui Banking Corp. to Orix Corp., is expected to close by the end of June, according to Orix Corp.

Both Orix Corp. and Sumitomo Mitsui Financial Group, also headquartered...
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