KKR Sells Kokusai Electric -- WSJ
July 02 2019 - 3:02AM
Dow Jones News
By Chris Wack
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (July 2, 2019).
Applied Materials Inc. said it is acquiring Kokusai Electric
Corp. for $2.2 billion from global investment firm KKR &
Co.
Like Applied Materials, Kokusai is a producer of
semiconductor-manufacturing equipment. Following the close of the
transaction, Kokusai Electric will operate as a business unit of
Applied Materials' Semiconductor Products Group and continue to be
based in Tokyo.
Applied Materials said the acquisition is expected to be
immediately accretive to its adjusted earnings per share.
KKR acquired Kokusai Electric in 2017.
Applied Materials expects to finance the transaction using a
combination of balance sheet cash and a term loan facility. The
transaction is expected to close within 12 months.
(END) Dow Jones Newswires
July 02, 2019 02:47 ET (06:47 GMT)
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