EQT has agreed to sell Pioneer Corporation, its Japan-based automotive tech portfolio company, to CarUX for $1.1bn. CarUX, a smart cockpit solutions provider and subsidiary of Taiwan’s Innolux, will acquire 100% of the business in a deal expected to close in Q4 2025.

The transaction marks the conclusion of a transformative five-year ownership period under EQT’s BPEA Private Equity Fund VI and VII. Since acquiring Pioneer in 2019, EQT repositioned the business as a focused automotive technology leader by enhancing corporate governance, installing a new leadership team, executing operational discipline, and investing in core product innovation.

Pioneer, established in 1938, now delivers in-car sound, navigation, and multimedia systems to global OEMs and the aftermarket. Under EQT, it expanded into software-driven verticals such as AI-based dash cams and navigation services under its Mobility Services and Mobility AI Connectivity platforms. The company reported double-digit EBITDA margins and strong cash flow for the fiscal year ending March 2025.

Shiro Yahara, President and CEO of Pioneer, credited EQT for “helping us drive transformation and innovation while preserving our DNA as a global leader in automotive technology.” Sanjay Dhawan, Chairperson of the Board, said Pioneer had “embraced innovation to lead in this new, software-defined era of mobility.”

Shane Predeek, Partner at EQT Private Capital, added, “We are proud to have helped revitalise one of Japan’s most iconic brands. This milestone marks an exciting new chapter for Pioneer, and we believe that there are synergies with CarUX and its parent company, Innolux, that will greatly benefit the business.”

The deal also reflects EQT’s broader momentum in Japan, where it continues to pursue investments that build stronger, more globally competitive companies.

Deutsche Securities acted as lead financial advisor, with BofA Securities also advising. Legal counsel was provided by Morrison Foerster, White & Case, and Nagashima Ohno & Tsunematsu.

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