Hitachi to sell chemical unit to Showa Denko for $4.55 billion

Hitachi Ltd said on Wednesday it would sell its listed chemicals unit to electronic materials maker Showa Denko for 494 billion yen ($4.55 billion) as the Japanese industrial conglomerate overhauls its business portfolio.

Showa Denko said it was offering to pay a total of 964 billion yen for shares in Hitachi Chemical, including from Hitachi as well as the market.

Showa Denko beat off rival bids from Nitto Denko Corp, U.S. buyout funds Bain Capital LP and Carlyle Group LP. Hitachi Chemical is a supplier of materials for semiconductors, displays and lithium-ion batteries.