Hitachi Ltd said on Wednesday it would sell its listed chemicals business to electronic materials maker Showa Denko as the Japanese industrial conglomerate overhauls its business portfolio.
Hitachi will sell its 51% stake in Hitachi Chemical for 494 billion yen ($4.51 billion) to Showa Denko. Hitachi Chemical is a supplier of materials for semiconductors, displays and lithium-ion batteries.
Showa Denko offered to pay a total of 964 billion yen ($8.8 billion) for shares in Hitachi Chemical, including from Hitachi as well as the market.
Showa Denko beat off rival bids from Nitto Denko Corp, U.S. buyout funds Bain Capital LP and Carlyle Group LP. Hitachi Chemical is a supplier of materials for semiconductors, displays and lithium-ion batteries.