April 21 : Japanese electronics retailer Nojima is planning to buy Hitachi’s consumer appliances unit Hitachi Global Life Solutions for more than 100 billion yen ($630.32 million), the Nikkei newspaper reported on Tuesday.
Under the agreement, Nojima will buy at least a majority of shares in the unit, which handles the conglomerate’s white goods businesses in Japan, the report said, adding that the deal will be announced soon.
Hitachi is expected to retain some of its shares in the unit.
The acquisition, which according to Nikkei is Nojima’s largest ever, is expected to boost the company’s product development capabilities.
($1 = 158.6500 yen)