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Baring Private Equity to invest $904 million in Japan's Pioneer

Reuters  |  TOKYO 

(Reuters) - Japanese said on Friday buyout firm Baring Asia has agreed to invest 102 billion yen ($904 million) in the company to restore its financial health, the first major in this year.

Pioneer will issue new shares worth 77 billion yen to Baring, and the firm will buy 25 billion yen worth of shares from existing shareholders, Pioneer said in a statement.

Baring will own 80.27 percent of the company after the transaction completes, Pioneer said.

After selling its business in 2014, Pioneer focused mostly on car navigation systems, a technology rendered largely obsolete thanks to maps available on

Development costs for advanced have soared as companies including and have poured into next-generation cockpits for cars that make driving safer and luxurious, edging out cash-strapped companies like Pioneer.

($1 = 112.8600 yen)

(Reporting by Junko Fujita; Editing by Chris Gallagher and Sunil Nair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 12:49 IST