Metals

Hitachi is reportedly in talks with Bain Capital to sell its metals unit for more than $7 billion

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Key Points
  • Hitachi picked a group led by Bain Capital as the preferential bidder for its metals unit in a deal likely to top $7 billion, Nikkei reported.
  • Bain, Japan Industrial Partners and Japan Industrial Solutions are considering buying a 53% stake in Hitachi Metals, the financial daily said.

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A logo of Japan's high-tech giant Hitachi at an exhibition in Tokyo on October 29, 2013. Hitachi announced its group net profit rose 8.8 percent in the first half of the fiscal year, from a year earlier to 32.77 billion yen as the weaker yen and cost-cutting. AFP PHOTO / Yoshikazu TSUNO (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)
YOSHIKAZU TSUNO | AFP | Getty Images

Japanese industrial conglomerate Hitachi picked a group led by Bain Capital as the preferential bidder for its metals unit in a deal likely to top 800 billion yen ($7.3 billion), Nikkei reported on Thursday.

Bain, Japan Industrial Partners and Japan Industrial Solutions are considering buying a 53% stake in Hitachi Metals, the financial daily said.

Hitachi Metals recently announced it was buying U.S. software company GlobalLogic for $9.6 billion. But in recent years it has also been divesting domestic hardware assets, including chemical and imaging businesses, aiming to pivot to services instead.

A Hitachi representative was not immediately available for comment. The company previously said it was considering ways to bolster its corporate value.