Hitachi to sell $1.6 billion Hitachi Transport stake to KKR, Nikkei says

TOKYO – Hitachi Ltd is planning to sell most of its 40% stake in Hitachi Transport System Ltd to U.S. private equity firm Kohlberg Kravis Roberts (KKR) for $1.56 billion, the Nikkei newspaper reported on Thursday.

Hitachi will retain a 10% stake in the logistics company while KKR is expected to launch a takeover bid to acquire the remaining 90%. KKR is expected to spend more than 600 billion yen ($4.69 billion) on the deal to take Hitachi Transport private, Nikkei said.

($1 = 127.9400 yen)

(Reporting by Rocky Swift; Editing by David Goodman)