Private equity giant KKR is drilling further into Japan with a deal to buy a power tool company.
KKR’s HK Holdings has agreed to acquire a majority stake in Hitachi Koki, valuing the company at $1.3bn (£1.1bn).
Some 40.25 per cent of the company is being bought from Hitachi and 10.9 per cent from Hitachi Urban Investment.
Hitachi Koki is a supplier or “high performance, high quality power tools and life science equipment".
The company is aiming for global expansion and last March acquired German power tool specialist Aktiengesellschaf.
It also has a strategic alliance with North America hardware chair Lowe’s Companies, dating back to 2015.
Hiro Hirano, chief executive of KKR Japan, said: “Hitachi Koki is a world-class manufacturer of power tools and a developer of innovative tool technologies.”
Hitachi Koki in action: