U.S. buyout firm KKR said on Wednesday it has agreed to buy Hitachi Ltd’s (6501.T) chip-making equipment and video solution unit in a deal valuing the company at 257 billion yen (1.79 billion pounds), its second purchase of a Hitachi unit.

After completing the acquisition of Hitachi Kokusai Electric (6756.T), KKR will spin off the chip-making equipment unit, retaining 100 percent ownership of that business.

It will sell a 40 percent stake in the video solutions business to Hitachi and a Japanese investment fund, Japan Industrial Partners Inc (JIP).

READ FULL ARTICLE HERE