Hitachi, Ltd. (TSE:6501) made an offer to acquire remaining 48.3% stake in Hitachi High-Technologies Corporation (TSE:8036) from a group of shareholders for approximately ¥530 billion on January 31, 2020. As per the offer, Hitachi, Ltd. will acquire remaining 66.39 million shares at ¥8000 per share. The transaction will be financed through cash on hand and borrowings for ¥2 trillion to ¥2.5 trillion.

Post completion, Hitachi High-Technologies Corporation will become wholly owned subsidiary of Hitachi, Ltd. Hitachi, Ltd. have to acquire minimum of 20.55 million shares through offer. The offer period will commence from February 17, 2020 to April 6, 2020. Mori Hamada & Matsumoto LPC acted as legal advisor to Hitachi, Ltd. Deloitte Tohmatsu Financial Advisory LLC provided fairness opinion to the special committee appointed by Hitachi High-Technologies Corporation.

Nomura Securities Co., Ltd. acted as financial advisor while Anderson Mori & Tomotsune LPC acted as legal advisor to Hitachi High-Technologies Corporation. Keiji Hatano of Sullivan & Cromwell LLP (Japan) acted as legal advisor to Hitachi High-Technologies Corporation in the transaction.