Baring Private Equity to invest $904 million in Japan’s Pioneer

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TOKYO (Reuters) – Japanese audio systems maker Pioneer Corp (6773.T) said on Friday buyout firm Baring Private Equity Asia has agreed to invest 102 billion yen ($904 million) in the company to restore its financial health.

Pioneer will issue new shares worth 77 billion yen to Baring, and the private equity firm will buy 25 billion yen worth of shares from existing shareholders, Pioneer said in a statement.

Reporting by Junko Fujita; Editing by Chris Gallagher

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