Hitachi Transport to issue preferred share to KKR, raise $975 million

TOKYO (Reuters) – Japan’s Hitachi Transport System Ltd said on Wednesday it would raise 127.2 billion yen ($975 million) by issuing a single preferred share to majority shareholder KKR & Co.

It will also issue a second class of preferred share for 10 billion yen to KKR as an indemnity claim.

Hitachi Transport is due to be delisted on Feb. 24 after the U.S. private equity firm’s successful tender offer for it.

($1 = 130.4600 yen)

(Reporting by Tokyo Newsroom; Editing by Chang-Ran Kim)