Investing.com-- Shares of Nojima Corp (TYO:7419) rose on Tuesday after a report said the company is planning to acquire a majority stake in Hitachi Global Life Solutions for more than 100 billion yen ($630 million).
The deal, if realized, would be its largest deal to date, the Nikkei reported. The unit handles Hitachi's (TYO:6501) domestic white goods business, including refrigerators and washing machines.
Tokyo-listed Nojima shares jumped 10% to 1,231 yen by 05:24 GMT.
The move is aimed at strengthening Nojima’s product development capabilities and helping it avoid intense price competition in Japan’s mature electronics retail market, the report said. The retailer has been expanding through acquisitions, including its purchase of PC maker Vaio last year.
Hitachi Global Life Solutions generated revenue of about 367.6 billion yen in the fiscal year ended March 2025, according to the report.
Potential bidders for the unit had included Samsung Electronics (KS:005930), LG Electronics (KS:066570), and KKR (F:KR51).
The deal comes as Hitachi continues to streamline operations to focus on its digital platform strategy, the report added.