By Ronnie Harui


Fujitsu has agreed to sell a controlling stake in its semiconductor-packaging unit to a consortium of investors who plan to take the business private in a roughly $4.7 billion deal.

Under the agreement, the Japanese electronics company will sell Shinko Electric Industries to a special-purpose company owned by a consortium led by JIC Capital, a wholly-owned subsidiary of government-backed Japan Investment Corp.

Fujitsu plans to transfer its 50.03% stake in Shinko Electric to JICC-04, a special-purpose vehicle owned by the consortium, for 285.1 billion yen ($1.96 billion), it said late Tuesday.

The move is aimed at speeding up Fujitsu's efforts to transform its portfolio, the company said, adding that it would use the cash from the deal to invest in areas of growth.

The consortium, which also comprises Dai Nippon Printing and Mitsui Chemicals, ultimately aims to take Shinko Electric private, JIC and JIC Capital said in a joint statement. It intends to launch a tender offer for the Shinko shares not held by Fujitsu, offering Y5,920 for each--a 13% premium to Tuesday's closing price--amounting to Y399.8 billion.

Shinko shares were last flat at Y5,527, while Fujitsu shares were 2.9% lower at Y21,605.


Write to Ronnie Harui at ronnie.harui@wsj.com


(END) Dow Jones Newswires

12-12-23 2258ET