Pioneer to Sell DJ Business
Pioneer sold off another piece of itself Tuesday, announcing the sale of its disc jockey equipment division to KKR & Co. for the equivalent of about $550 million.
“As we accelerate our efforts to concentrate management resources on our car electronics business, Pioneer has been seeking the optimal partner to further the globalization of our DJ equipment business and expand the brand," Susumu Kotani, Representative Director, President and CEO of Pioneer, said as part of the announcement.
"We are pleased to have reached an agreement with KKR on the purchase of Pioneer DJ. KKR has a wealth of experience in the technology and media industry globally, and we are confident it has the expertise to drive Pioneer DJ forward. Pioneer will retain 14.95% of the voting rights in Pioneer DJ and we will maintain a framework for cooperation to ensure the future growth of the company.”