Pioneer selling DJ equipment business for estimated $338 million
A private equity firm in the United States is purchasing the company's DJ business
Pioneer is to sell its DJ equipment sector to a private equity firm in the United States, according to reports.
The deal is said to be valued at approximately £338 million (59 billion yen) and will see Kohlberg Kravis Roberts taking ownership of the manufacturer's DJ products under the name of Pioneer DJ.
This comes despite the fact that Pioneer just unveiled a brand new turntable seemed to want to quell rumours of a buy-out earlier this month.
With the sale expected to be agreed in March 2015, Nasdaq states "Pioneer and KKR would jointly leverage their respective business resources, brand power, and technological capability".
The deal will see Pioneer hold a voting stake of 14.95 per cent, according to Reuters.
It was reported last week that Pioneer was close to agreeing a deal but the company issued a statement saying no decision had been made.
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