Longreach to buy Hitachi Via Mechanics

Private equity firm Longreach Group said on Wednesday it has bought a subsidiary from Japanese conglomerate Hitachi, something other funds have been trying to do for years.

The Longreach Group said on Wednesday it is buying a unit of Hitachi and will help the precision drilling company expand in Asia.

The deal is a rare case of one of Japan’s sprawling conglomerates trusting a private equity firm enough to sell them a subsidiary.

Large global private equity firms such as KKR have opened in Japan in the hopes that they could buy such businesses, which are in many cases...

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