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KKR Intends To Make Tender Offer For Hitachi Transport System

KKR said that it plans to make a tender offer for the common shares of Hitachi Transport System Ltd. or through HTSK Co., Ltd., an entity owned by the investment funds managed by KKR.

HTSK Co., Ltd has reached an agreement with Hitachi, Ltd., the lead shareholder of HTS, under the terms of which, following a share consolidation after the tender offer, HTS will acquire Hitachi Ltd's 39.91% holding in a share buyback.

Hitachi Ltd will reinvest by acquiring 10% of shares with voting rights in HTSK Holdings Co., Ltd. that holds shares of HTSK Co., Ltd "Offeror Parent" and KKR will hold 90% of shares with voting rights in the Offeror Parent.

The proposed tender offer price of JPY8,913 per share and the share buyback price of JPY6,632 per share have been determined based on the negotiations among KKR, HTS, and Hitachi.

KKR expects to commence the tender offer by late September 2022.

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