February 21, 2014 / 5:40 AM / 4 years ago

Osaka to sell railway operator to Nankai Electric for $733 mln

OSAKA, Feb 21 (Reuters) - The governor of Osaka said on Friday the prefecture would sell a local train and warehouse operator to Nankai Electric Railway Co for 75 billion yen ($733 million) after U.S. investment fund Lone Star Fund’s bid was blocked in December.

Lone Star, a distressed-asset investment fund, had won the right in November to buy the Osaka Prefectural Urban Development Co for 78 billion yen, but that bid was blocked by the Osaka municipal government.

Osaka prefecture owns 49 percent the company while Osaka Gas Co, Kansai Electric Power Co and Japanese banks including Resona Holdings Inc own the rest.

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