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Friday, September 12, 2014
Onkyo And Pioneer To Integrate Their AV Businesses

Pioneer and Onkyo have decided to move on with the integration of their AV businesses without the external funding of Baring Private Equity Asia, as it was originally schedulled.

Pioneer and Onkyo have executed a basic agreement today to integrate
Pioneer’s Home AV business, phone business and headphone-related business, with Onkyo. As part of the agreement, Pioneer will acquire a minority stake (4.95%) in Onkyo and Onkyo will acquire all the outstanding shares of Pioneer Home Electronics Corporation (PHE). Then PHE and Onkyo will be merged.

Last June, Pioneer, Onkyo and Baring Private Equity Asia had reached a basic agreement to discuss the integration of a part of the Home AV business of Pioneer and Onkyo. The three parties, however, ceased discussions as they decided that the Home AV business "needs to be considered from a long-term perspective as the business must be developed strategically and flexibly to quickly respond to the continuously changing business environment." The three parties therefore agreed that it would be more efficient for the two strategic parties, Pioneer and Onkyo to directly discuss the integration without financial sponsor.

Following the transactions, Pioneer and Onkyo will mutually utilize their advantages in resources such as brand power and technologies, and
each brand will stay in the market.

Pioneer will take the lead in streamlining the back office functions of sales platforms outside Japan while Pioneer and PHE intend to leverage the manufacturing and purchasing functions of Onkyo under the leadership of Onkyo.

Pioneer and Onkyo expect to execute a definitive agreement for the integration by the end of October 2014. The business integration is expected to be effective by March 2015.

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