Onkyo home audio and visual equipment operations to be acquired by Sound United
15 MAY 2019
Onkyo Corp. [TYO: 6628] has decided to sell its home audio and visual equipment operations to Sound United LLC, and will sign a basic agreement for the sale, the Japanese company said in a statement filed to the Tokyo Stock Exchange.
Under the plan, Onkyo is considering the sale of shares of Onkyo & Pioneer Corp. and its subsidiaries to either Sound United, or to Viper Holdings Corp., a US-based private equity firm, which wholly owns Sound United, the statement said.
After finalizing the sale terms for an official contract with Viper Holdings, Onkyo will take the matter to an annual regular shareholders meeting to be held on 26 June to gain shareholder approval, according to the statement.
Financial details of the planned sale are not disclosed in the statement.