KKR to invest JPY 100 bln in Renesas - report

Nieuws Mobiel Wereld 29 AUG 2012
KKR to invest JPY 100 bln in Renesas - report
Investment fund Kohlberg Kravis Roberts & Co has decided to take over management of Renesas Electronics and invest JPY 100 billion in new shares from the struggling chipmaker, The Nikkei reported. The fund presented its proposal to Renesas' top three shareholders -- NEC, Hitachi and Mitsubishi Electric -- as well as the chipmaker's main banks. It hopes to reach a formal agreement as early as next month. Renesas has a market capitalization of about JPY 95 billion. KKR aims to lead the chipmaker's turnaround efforts by taking a majority stake by year's end. The three shareholders have already agreed to provide a total of JPY 50 billion through loans and other measures, and Bank of Tokyo-Mitsubishi UFJ and three other lenders intend to provide JPY 50 billion through a credit line.

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Mobiel

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Hitachi,  NEC,  Renesas Electronics,  Mitsubishi Electric

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Wereld

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Semiconductors, Shareholders & subsidiaries, Wholesale, Financial funding, M&A buyouts & divestments

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