Japan's Pioneer in final stage of sale of DJ equipment unit -sources
TOKYO, Sept 3
TOKYO, Sept 3 (Reuters) - Japanese car electronics maker Pioneer Corp is in the final stage of selling its disc-jockey equipment business, which could fetch about 60 billion yen ($570 million), two people with knowledge of the transaction said.
Pioneer has hired Bank of America Merrill Lynch to handle the sale, said the sources, asking not to be named because the process has not been made public.
Global private equity firms are among the final bidders, they added.
Pioneer, which is selling off non-core assets to focus on the automotive electronics business, in June agreed to sell most of its loss-making audio-video operations to a consortium comprising Hong Kong-based Baring Private Equity Asia and audio equipment maker Onkyo Corp. That deal has yet to close.
The DJ equipment business, which makes speakers and mixing equipment, was profitable in the latest financial year to March, a source familiar with the matter said.
Pioneer and Bank of America Merrill Lynch declined to comment. (1 US dollar = 104.9300 Japanese yen) (Additional reporting by Reiji Murai; Writing by Junko Fujita; Editing by Edmund Klamann)