Japanese electronics firm Pioneer said Friday it will become a wholly owned unit of a Hong Kong-based fund to rebuild itself in a deal worth $904 million.
Tokyo, (Pakistan Point News - 7th Dec, 2018 ) :Japanese electronics firm Pioneer said Friday it will become a wholly owned unit of a Hong Kong-based fund to rebuild itself in a deal worth $904 million.
Pioneer, known for its audio equipment as well as car electronics systems, said Baring Private Equity Asia has agreed on a 102-billion-yen ($904 million) plan to revive the struggling Tokyo-based company.
"Once privatised, a range of significant changes will be made to revitalise Pioneer, including reviews of the company's business lines as well as structural reforms and an overhaul of the management team," it said.
The deal is subject to approvals from Pioneer shareholders as well as regulatory agencies.
It was among the leading companies to promote laser discs and plasma televisions.
But Pioneer has struggled in recent years with deep losses and falling sales as the audio and automobile industries go through rapid changes.