KKR’s $2 Billion Sale of Japanese Tools Firm Koki Has Stalled

KKR & Co.’s attempt to sell its Japanese power tool and life science equipment maker Koki Holdings Co. has stalled, according to people familiar with the matter.

The New York-based private equity firm was working with a financial adviser on the potential sale of the business, which could fetch more than $2bn, the people said. Other industry players and buyout firms have shown preliminary interest in acquiring the company, the people said, asking not to be identified because the matter is private.

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KKR bought Hitachi Koki Co. in 2017 for about $1.3bn after completing a tender offer for the listed entity, whose biggest shareholder was Japanese conglomerate Hitachi Ltd. Later that year it changed its name to Koki Holdings and re-branded its power tools to HiKOKI.

Similarly, Chinese conglomerate Wanxiang Group Corp. is in talks to acquire Apex Tool Group from Bain Capital, Bloomberg News has reported. The business had also attracted interest from other investment funds, people familiar with the matter said.

Source: Bloomberg

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