Japan's Toyo Tire buys Malaysia's Silverstone

The deal is another example of Japanese companies casting their nets for deals that let them leverage the strength of the Japanese yen to diversify their businesses outside of Japan.

Japanese company Toyo Tire Rubber announced yesterday that it has agreed to acquire all of the shares of Malaysia-based tyre manufacturer Silverstone from Silverstone Corp for M$462 million around $150 million in cash. Silverstone Corp is a subsidiary of the Lion Group, a Malaysian conglomerate.

Nomura was the sole adviser to Toyo Tire, which won what insiders say was an extremely competitive auction process on an expedited timetable, beating out a number of other strategic bidders. Silverstone was advised...

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