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7404 - Showa Aircraft Industry Co News Story

¥2128 0.0  0.0%

Last Trade - 17/04/20

Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £198.7m
Position in Universe th / 3862

UPDATE 1-Bain Capital plans to buy Japan's Showa Aircraft for $633 million

Thu 23rd January, 2020 11:00am
(Adds details)
    TOKYO, Jan 23 (Reuters) - U.S. private equity firm Bain
Capital plans to buy Showa Aircraft Industry  7404.T , a
Japanese maker of transportation equipment from heavy industry
firm Mitsui E&S Holdings  7003.T   for 69.4 billion yen ($633
million), it said on Thursday.
    Bain Capital said in a statement it planned to launch a
tender offer to buy all of the shares in Showa Aircraft at 2,129
yen per share. Shareholders would receive an additional 631 yen
if they tender their shares, which makes the entire deal worth
90 billion yen, Bain said.
    Showa Aircraft shares closed at 2,537 yen on Thursday. 
    Mitsui E&S has agreed to sell all of its shares in Showa
Aircraft, which accounts for 65.53% of the company, Bain said.
It aims to buy at least 66.67% of the outstanding shares. 
    Mitsui E&S is selling Showa Aircraft as it tries to shore up
its balance sheet, which suffered from losses of about 150
billion yen incurred in 2018 and 2019 from a project to build a
coal-fired generating plant in Indonesia. 
    Mitsui E&S has already sold its plant engineering and solar
power businesses. 
    Bain became better known in Japan after it led an $18 
billion investment in Toshiba Memory, the world's second-largest
maker of NAND memory chips, now known as Kioxia, which was spun
off from Toshiba Corp  6502.T .*:nL3N20E2VI    
  ($1 = 109.7000 yen)

 (Reporting by Junko Fujita; Editing by Jan Harvey and Barbara
 ((813-4563-2711,, Reuters;))
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