Cerberus completes Kokusai Kogyo sale for $1.37 billion: sources
TOKYO (Reuters) - U.S. private equity firm Cerberus Capital Management LP CBS.UL completed a sale on Friday of its stake in Japanese property operator Kokusai Kogyo Co for about 140 billion yen ($1.37 billion), people with knowledge of the deal said.
Cerberus sold its 55 percent stake in Kokusai Kogyo to the Japanese company's founding family, which already held the remaining 45 percent, according to the people, who were not authorized to discuss the transaction publicly.
Representatives at neither Kokusai Kogyo nor Cerberus Japan could be reached for comment.
Reuters reported the U.S. fund's planned sale of Kokusai Kogyo last month.
The agreed price reflects Kokusai Kogyo's sale last December of a property in central Tokyo to a consortium led by Nippon Life Insurance Co NPNLI.UL, Japan's biggest private-sector life insurer, for about 80 billion yen, the people said.
Cerberus' exit from Kokusai Kogyo, in which it invested in 2004, comes on the heels of a decision last month by Japanese railway operator Seibu Holdings Inc to apply for relisting on the Tokyo Stock Exchange. Cerberus is Seibu's top shareholder with a 35.48 percent stake.
($1 = 101.8600 Japanese yen)
(Reporting by Taro Fuse; Writing by Nathan Layne; Editing by Christopher Cushing)