TOKYO -- Hitachi intends to sell power tools unit Hitachi Koki to U.S. private equity firm Kohlberg Kravis Roberts in a deal estimated to exceed 150 billion yen ($1.27 billion).
Negotiations are in the final stages. The Hitachi group had sought bids on a 50%-plus aggregate stake in Hitachi Koki, drawing offers from KKR, Kyoceraand others. The Japanese conglomerate gave KKR preferential negotiation rights as the U.S. company offered the best terms.
