CORRECTED-KKR to buy Panasonic Healthcare in $1.67 bln deal
(Corrects headline and first paragraph to clarify KKR is not paying $1.67 bln for an 80 pct stake)
Sept 27 (Reuters) - U.S. private equity firm KKR & Co LP has agreed with Panasonic Corp to buy Panasonic Healthcare Co Ltd for 165 billion yen ($1.67 billion), the U.S. company said on Friday.
After the deal, KKR will retain an 80 percent stake in the venture, while Panasonic Corp will have a 20 percent stake. Both the companies will cooperate in the management of Panasonic Healthcare, it said.
"Japan is a very important and attractive market for KKR, and our experienced team on the ground in Japan looks forward to leveraging KKR's global expertise and experience to make this a highly successful partnership," KKR founder Henry Kravis said in a statement.
Panasonic Healthcare is involved in the manufacturing and sale of blood glucose monitoring meters and sensors for diabetics. ($1=98.9550 Japanese yen) (Reporting by Sakthi Prasad in Bangalore; Editing by Greg Mahlich)