Fujitsu seeks to restart stalled sale of AC business22nd December 2023
JAPAN: Fujitsu aims to restart stalled negotiations to sell its 44% stake in its air conditioning business Fujitsu General.
According to reports on the Japan Times website, the Japanese manufacturer remains in talks with multiple parties for a speedy sale of the business despite the transaction becoming “bogged down” over price.
The stake is said to be worth about JPY104bn ($728m) based on the latest share price.
“A quick decision followed by a speedy process is absolutely critical,” Tokita told the Japan Times. “I’m conscious that the amount of time it has taken so far isn’t ideal.”
Fujitsu first announced it was seeking a quick sale of Fujitsu General at the beginning of this year.
Potential bidders for the business have included investment companies KKR and Bain Capital. In March, Swedish heat pump manufacturer Nibe withdrew its interest after previously admitting it was considering a potential acquisition of all or a majority of the company.
In addition to Fujitsu Ltd, Fujitsu General has nine other current shareholders, each holding single-figure percentage shares. These include the Bank of Japan, JP Morgan and Goldman Sachs.