Pioneer May Be Up For Sale: Report

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Pioneer sold to CarUX
News organization Bloomberg is reporting that Pioneer Corporation owner Baring Private Equity Asia (BPEA) is considering selling the company and has been discussing the sale with advisors.
Citing sources familiar with the matter, Bloomberg said BPEA may seek $1.5 billion in valuation for Pioneer. It also said other “industry players and investment funds” have shown interest in buying Pioneer’s assets.

BPEA acquired Pioneer, then a public company, in late 2018, making it a wholly owned subsidiary of the company, which is based in Hong Kong.  It spent the equivalent of about $904 million on the purchase of Pioneer, including a $680 million investment in Pioneer and a $220 million cash offer to Pioneer shareholders.

Bloomberg noted that Pioneer’s roots trace back to the 1930s and that it became an “icon of audio electronics.” It also said the company is facing the challenges of a shifting automotive market as it moves towards autonomous cars.

See the full story at Yahoo!finance


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