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Carlyle to buy Japanese testing-tools maker Rigaku to help IPO pursuit

Carlyle to buy Japanese testing-tools maker Rigaku to help IPO pursuit

FILE PHOTO: The logo of the Carlyle Group is displayed at the company's office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato

TOKYO: U.S. buyout firm Carlyle Group said on Wednesday (Jan 6) it will buy Japan's Rigaku Corp, confirming a media report from earlier in the day that put the deal value at about US$1 billion, as the manufacturer of X-ray-based testing tools plans to go public.

If a deal comes through, it could be the first investment of Carlyle Group's new Japan-focused buyout fund worth 258 billion yen (US$2.5 billion), its fourth and biggest to date in a country where global buyout funds are expanding in recent years.

Carlyle will own about 80per cent of Rigaku while 20per cent stake will remain with the chief executive officer of Rigaku, the U.S. firm said in a statement, but did not provide details of the deal value.

Earlier in the day, the Nikkei business daily said Carlyle's investment is expected to be about 100 billion yen (US$972.9 million).

Founded in 1951, Rigaku provides X-ray analysis, measurement and testing instruments for wide-ranging industries including semiconductor manufacturing and pharmaceuticals.

By partnering with Carlyle, Rigaku "will seek to list the holding company in the coming years," the Japanese company said in a separate statement, adding that its annual revenue stands at about 44 billion yen, around two-thirds of which were generated overseas.

Source: Reuters

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