Taiwan's Innolux unit buys former Japanese TV major Pioneer for $1.1 billion
TAIPEI :CarUX, a smart cockpit solutions provider and a subsidiary of Taiwan's display maker Innolux Corp, said on Thursday it will acquire Japan's Pioneer Corporation in a deal valued at 163.6 billion yen (around $1.1 billion).
Pioneer was once a major Japanese player in consumer electronics, whose decline presaged the broader industry shake-up to come as Japanese manufacturers were unable to keep with larger, more efficient producers like South Korea's Samsung Electronics.
CarUX said it has signed a definitive agreement with EQT, a global investment firm, to acquire a 100 per cent stake in the Japanese electronics company.
The deal is expected to increase CarUX's presence in the Asia-Pacific region and broaden its global product portfolio by combining its display and touch technology expertise with Pioneer's strengths in automotive sound system and Human Machine Interface (HMI) software development, the company said in a statement.
"This acquisition brings strategic synergies for both CarUX and Pioneer," Innolux and CarUX Chairman Jim Hung said in a statement.
CarUX said in March that it is planning a listing in the United States.
Pioneer has long-standing partnerships with major Japanese and global automakers, including Toyota.
Its president and CEO, Shiro Yahara, said it looks forward to collaborating with CarUX to "create the future of mobility experiences".
Hung added at a press conference that Pioneer generated revenue of 240 billion yen in the fiscal year ending March 2024 and maintains a healthy financial structure, which is one of the key factors enabling the deal.
Pioneer launched the world's first plasma TV in 1997 and briefly found success in the high-end segment.
Pioneer was acquired in 2018 by Baring Private Equity Asia in a deal for $900 million, leading to its delisting from the Tokyo Stock Exchange. Baring was later acquired by Sweden-based EQT AB in 2022.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
British junior trade minister visits Taiwan
Britain only has formal diplomatic relations with Beijing, but maintains a de facto embassy in Taipei. PHOTO: AFP LONDON - British junior trade minister Douglas Alexander is visiting Taiwan for talks on June 29, the UK government said, on a trip that is aimed at boosting trade with Taipei but is likely to anger China. China claims democratically governed Taiwan as its own territory and strongly objects to any official interactions between the island and foreign governments, believing them to represent support for Taiwan's desire to be recognised as an independent country. Britain only has formal diplomatic relations with Beijing, but maintains a de facto embassy in Taipei. Junior British ministers hold talks with their Taiwanese counterparts but by convention senior ministers do not meet Taiwanese officials. Mr Alexander's trip comes at a time when Britain and China are looking to mend ties, with Prime Minister Keir Starmer expected to visit Beijing in 2025 on the first trip by a British leader since 2018. But despite those efforts, tensions remain. Last week, China's military criticised the sailing of a British warship through the Taiwan Strait as a deliberate attempt to "cause trouble". Mr Alexander will be in Taiwan for annual trade talks on June 29-30, the Department for Business and Trade said. He will witness the signing of UK-Taiwan trade partnership pillars, and meet President Lai Ching-te as part of Britain's "long-standing unofficial relationship" with Taiwan, it said. "We share a long-standing trade relationship with Taiwan and our trade reached an all-time high last year, but we know there are still more opportunities for British businesses," Mr Alexander said in a statement. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
2 hours ago
- Straits Times
UK junior trade minister visits Taiwan
LONDON - British junior trade minister Douglas Alexander is visiting Taiwan for talks on Sunday, the UK government said, on a trip that is aimed at boosting trade with Taipei but is likely to anger China. China claims democratically governed Taiwan as its own territory and strongly objects to any official interactions between the island and foreign governments, believing them to represent support for Taiwan's desire to be recognised as an independent country. Britain only has formal diplomatic relations with Beijing, but maintains a de facto embassy in Taipei. Junior British ministers hold talks with their Taiwanese counterparts but by convention senior ministers do not meet Taiwanese officials. Alexander's trip comes at a time when Britain and China are looking to mend ties, with Prime Minister Keir Starmer expected to visit Beijing this year on the first trip by a British leader since 2018. But despite those efforts, tensions remain. Last week, China's military criticised the sailing of a British warship through the Taiwan Strait as a deliberate attempt to "cause trouble". Alexander will be in Taiwan for annual trade talks on June 29-30, the Department for Business and Trade said. He will witness the signing of UK-Taiwan trade partnership pillars, and meet President Lai Ching-te as part of Britain's "long-standing unofficial relationship" with Taiwan, it said. "We share a long-standing trade relationship with Taiwan and our trade reached an all-time high last year, but we know there are still more opportunities for British businesses," Alexander said in a statement. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
8 hours ago
- CNA
US Justice Department settles antitrust case for HPE's $14 billion takeover of Juniper
The U.S. Justice Department has settled its lawsuit challenging server maker Hewlett Packard Enterprise's all-cash acquisition of Juniper Networks for $14 billion, according to court filings. The settlement requires the combined company to divest HPE's Instant On wireless networking business and license the source code for Juniper's Mist AI software used in Juniper's WLAN (Wireless Local Area Network) products. The joint settlement, filed late on Friday, requires approval by a judge and would avoid the need for a trial scheduled for July 9. In a joint statement, HPE and Juniper said the agreement resolves the Justice Department's concerns and clears the way for the transaction to close. HPE CEO Antonio Neri said the deal would offer customers a "modern network architecture alternative" tailored for AI workloads. The Justice Department did not immediately respond to a Reuters request for comment outside business hours. The department sued to block the deal in January, arguing that it would stifle competition and lead to only two companies - Cisco Systems and HPE - controlling more than 70 per cent of the U.S. market for networking equipment. In February, Juniper denied the government's allegations, saying in a filing that the complaint did not correctly represent the market dynamics for wireless network solutions and the companies' rationale for the deal.
