KKR to Buy Hitachi's Power Tools Unit for $1.3 Billion

U.S. private equity firm KKR & Co LP has agreed to buy Hitachi Ltd's power tools unit, Hitachi Koki Co Ltd, for about $1.3 billion. Shares of Hitachi Koki have been undervalued from its being viewed as a unit that the parent group wouldn’t spend any money on for future investments. Hitachi has been aggressively unloading assets in the past several years. The acquisition would enable Hitachi to focus on key businesses such as infrastructure and renewable and nuclear energy.