Maxell Holdings, Ltd. and INCJ, Ltd. entered into an agreement to acquire Hitachi Vehicle Energy, Ltd. from Hitachi, Ltd..
December 24, 2018
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Maxell Holdings, Ltd. (TSE:6810) and INCJ, Ltd. entered into an agreement to acquire Hitachi Vehicle Energy, Ltd. from Hitachi, Ltd. (TSE:6501) on December 25, 2018. In related transaction, Maxell Holdings and INCJ also agreed to invest in the capital of Hitachi Vehicle Energy through underwriting of new shares in order to provide financial resources required for business development of Hitachi Vehicle Energy. Additionally, Hitachi Automotive Systems, Ltd. will also invest in the capital of Hitachi Vehicle Energy through an absorption type split in exchange of the Battery Management System of Hitachi Automotive.
In aggregate, for both the primary and secondary transactions mentioned above, Maxell Holdings and INCJ will acquire all the shares held by Hitachi, Ltd. and own 14% and 76.2% stake respectively in Hitachi Vehicle Energy, while remaining 9.8% stake will be held by Hitachi Automotive (through underwriting of new shares in Hitachi Vehicle Energy). Hitachi, Inc. will exit from the capital structure of Hitachi Vehicle Energy. The combined investment by Maxell Holdings and INCJ will amount to ¥10.1 billion each, totaling ¥20.2 billion by Maxwell and INCJ.
The transaction and its related operations including underwriting of new shares and transfer of Battery Management Systems of Hitachi Automotive to Hitachi Vehicle Energy is scheduled to be completed by March 29, 2019. Mitsubishi UFJ Morgan Stanley Securities acted as financial advisor to Maxell Holding Inc and INCJ, Ltd. Greenhill & Co., Inc. (NYSE:GHL) acted as the financial advisor to Hitachi, Ltd. (TSE:6501).
Maxell Ltd, formerly Maxell Holdings Ltd, is mainly engaged in the manufacturing and sales of energy, industrial materials and electric appliances and consumer products. The Company mainly operates through three business segments. The Energy segment manufactures and sells secondary batteries, such as coin type lithium secondary batteries, industrial lithium ion batteries and electrodes, and consumer lithium ion batteries, primary batteries such as lithium primary batteries and button batteries, and charger and battery packs. The Industrial Materials segment manufactures and sells optical components, functional materials, electroforming and precision parts, semiconductor-related embedded systems, mold and synthetic resin molded parts, adhesive tapes, radio-frequency identification (RFID) systems and Integrated Circuit (IC) cards, industrial rubber products and others. The Electric Appliance and Consumer segment manufactures and sells projectors, small electric equipments and others.
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