Biz Sale by Listed Japanese Firms Top 5 T. Yen amid Epidemic
Tokyo, Oct. 21 (Jiji Press)--The value of noncore operations and subsidiaries sold by listed Japanese companies in January-September exceeded 5 trillion yen, up some fivefold from a year before.
Companies moved to sell noncore operations to investment funds and others in order to focus their management resources on growth fields at a time when they are facing sudden changes in their business environments due to the coronavirus crisis.
The number of businesses and operations sold by listed companies in January-September stood at 294, with the values of the deals totaling 5,164.5 billion yen, according to a survey by M&A consultancy Recof Corp.
The number grew 14.8 pct from a year before to hit the highest level in 11 years, Recof said.
In August, U.S. investment firm Blackstone Group agreed to buy the over-the-counter drug subsidiary of Takeda Pharmaceutical Co. <4502>.
[Copyright The Jiji Press, Ltd.]