TOKYO, June 24 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
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
(Reporting by Junko Fujita; Editing by Anupama Dwivedi)