Pioneer Selling Most of A/V Business to Onkyo, Private Equity Firm
Pioneer has agreed to sell the majority of its home/AV business, to both a Hong Kong private equity firm and to Onkyo.
According to the Wall Street Journal, the complicated transaction will have Pioneer selling a 51 percent stake to Baring Private Equity Asia. The remaining interest will be split between Pioneer itself and Onkyo. Pioneer and Onkyo will remain separate brands.
The statement issued by the parties said: