Lone Star Funds, a U.S. private equity firm, will offload its 64 percent stake in PGM Holdings, one of Japan’s largest golf course managers, to Heiwa Corp., Reuters reports. Lone Star is selling its investment in the distressed asset for $521 million.
Heiwa, a Japanese “pachinko” pinball machine producer, will offer $685.23 per share of PGM Holdings. While the buyer will also float a tender to purchase shares from other shareholders, it intends to retain PGM’s listed status.
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