Pioneer on Monday announced the completion of a share purchase agreement between Pioneer DJ and KKR, along with the completion of the transfer of Pioneer Group’s home AV business, phone business and headphone-related business to the Onkyo Group.
KKR and Pioneer are now owning 85.05% and 14.95%, respectively, of Pioneer DJ holding company PDJ Holdings Co., Ltd.
Pioneer DJ develops and markets equipment for DJs, including CD players, mixers, controllers, headphones and speakers. It has a leading presence in the DJ equipment market with the top global market share, strong brand image, as well as high profitability.
"Pioneer and KKR will jointly leverage their respective business resources, brand power and technological capability, as well as global technology and media industry investment experience and networks to together aim for the further growth of Pioneer DJ," the two companies said.
As a result of the transaction, Pioneer Europe NV is transferring the DJ business to the newly formed Pioneer DJ Europe Ltd. From this date, DJ products will be distributed by Pioneer DJ Europe Ltd.
Onkyo and Pioneer had been discussing the unification of the home AV business, the phone business, and the headphone-related business of Pioneer Group with Onkyo’s. Today, Pioneer Corp announced subscription to the new shares of common stock of Onkyo Corporation and the completion of the transfer of Pioneer Group’s home AV business, phone business and headphone-related business to the Onkyo Group.
As of March 2, 2015, the business related to marketing in North Americas has been transferred to Pioneer & Onkyo U.S.A. Corporation (POU), the business related to marketing in Europe to Onkyo Europe, business related to marketing in the Asian region focusing on China to Onkyo Asia, and business related to overseas marketing in other areas to Onkyo.