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Japan’s Unison Capital to buy Asahi Tec for $308m

30 Dec 2011

Tokyo-based private equity firm Unison Capital has agreed to buy Asahi Tec, a Japanese company that makes iron castings for vehicles, for ¥23.9bn ($308m).

The firm will buy preferred shares in the business from majority shareholder RHJ International, the Belgian industrial holdings company, and Japanese insurer Tokyo Marine & Nichido.

Unison will complete the buy-out through the purchase of common stock from the two companies at ¥27 per share, and has offered shareholders ¥33 per share for the remaining stock, a premium to the ¥29 closing price on Wednesday.

The firm has also assumed the company’s debt, although financial details of this were not disclosed. RHJ, which owns a 62 per cent stake in the company, will receive ¥14.2bn (€ 139m) from the deal.

The move by RHJ reflects efforts by the group to become more focused on financial services, Leonhard Fischer, the group’s CEO, said in a statement.

Last month Unison Capital also bought shoe repair company Mister Minit from the Asia Pacific arm of London-based private equity firm CVC.

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