TOKYO, March 29 Gibson Guitar, known
for producing electric guitars used legendary rock guitarists
such as Jimmy Page and Jeff Beck, said on Friday that it was
buying a majority share in Japanese audio equipment manufacturer
TEAC Corp for 4.88 billion yen ($51.9 million).
Nashville-based Gibson, which will pay 31 yen per share for
TEAC, said the deal would add "Cool Japan" engineering
technology into the music and audio lifestyle arena into which
it is diversifying.
Gibson said it will purchase 54.4 percent of TEAC's
outstanding shares from funds operated by Phoenix Capital.