Lone Star approved to buy Osaka train, warehouse operator - report
US-based distress-focused GP Lone Star has reportedly won the rights to acquire Japan train operator Osaka Prefectural Urban Development (OPUD) for JPY78 billion ($783 million)
According to Reuters, Lone Star outbid Fortress Investment Group and local railway firm Nankai Electric Railway to buy the operator which runs train lines and a commercial trucking distribution center. The price Lone Star offered is said to be 16% higher than the JPY67 billion target price set by the Japan's Osaka prefecture.
The divestment is part of a privatization strategy by Osaka prefecture, which holds 49% of OPUD. The remaining 51% is owned by Osaka Gas Company, Kansai Electric Power and a group of Japanese banks including Resona Holdings. The deal will mark the first high-profile Japan acquisition by the Dallas-based firm since the early 1990s when it was one of the most active GPs in the country after the asset bubble burst.
Earlier this month it was announced that Lone Star, alongside other creditors-turned-shareholders, will exit Tokyo Star Bank as the company is acquired by CTBC Financial, the parent company of Taiwan's Chinatrust Commercial Bank.
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