Fujitsu kicks off auction for air conditioning business – sources

A logo of Fujitsu Ltd. is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai HONG KONG/TOKYO, Jan 19 (Reuters) – Fujitsu Ltd (6702.T) has launched an auction process for its listed air-conditioning manufacturing business Fujitsu General Ltd (6755.T) with initial bids due on Friday, people with knowledge of the matter said. The sale is expected to attract interest from multiple private equity firms and strategic investors, said the people, who declined to identified as the talks are private. Lazard Ltd (LAZ.N) is advising Fujitsu General and UBS Group AG (UBSG.S) is advising Fujitsu, two of the people said. Fujitsu General, with 390 billion yen ($3 billion) market value as of Thursday, expects its operating profit to more than double to 18 billion yen in the year ending this March. UBS declined to comment. Fujitsu General could not be reached for immediate comment out of office hours. Lazard did not immediately respond to a request for comment. Fujitsu has said it plans to sell its 42% stake in Fujitsu General, as the Japanese electronics conglomerate accelerates a business overhaul. A Fujitsu spokesperson said the company […]

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