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TOKYO, June 24 (Reuters) - Japanese car electronics maker Pioneer Corp has agreed to sell its audio-video operations to Hong Kong-based Baring Private Equity Asia and Pioneer's Japanese rival Onkyo Corp.
Baring will own a 51 percent stake in Pioneer Home Electronics Corp, which makes and sells DVD players, digital photo frames and other audio equipment. The three parties will decide who will own the rest, Pioneer and Onkyo said in a joint statement on Tuesday.
The news, first reported by the Nikkei business daily, sent Pioneer shares up 4 percent to close at 229 yen on Tuesday. Shares in Onkyo surged as much as 12.6 percent to 168 yen.
The three parties aim to close the deal by the end of August with details, said a Tokyo-based spokesman for Baring Private Equity.
Baring Private Equity in April agreed to sell precious metal, diamond and jewellery recycler Net Japan Co to Japanese financial services company Orix Corp for around 21 billion yen. (Reporting by Junko Fujita; Editing by Anupama Dwivedi)