Pioneer Selling Its DJ Division for $570 Million?

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Pioneer Selling Its DJ Division for $570 Million?

According to an article on Reuters, Pioneer Electronics is close to finalizing the sale of its DJ equipment division, responsible for manufacturing the CDJ and DJM line of pro-audio gear.

Reuters writes:

Japanese car electronics maker Pioneer Corp is in the final stage of selling its disc-jockey equipment business, which could fetch about 60 billion yen ($570 million), two people with knowledge of the transaction said.

Pioneer has hired Bank of America Merrill Lynch to handle the sale, said the sources, asking not to be named because the process has not been made public.

Global private equity firms are among the final bidders, they added.

The sale is said to be part of Pioneer's effort to focus on strictly automobile audio components. The DJ division was reported to be profitable at least through March of this year.

Source: Reuters

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