TPG Agrees to Purchase JVC
The private equity firm Texas Pacific Group has won the bid to acquire controlling interest in the JVC brand from Matsushita, coming in ahead of rival American investment firm Cerberus Capital Management.
The sides will now enter talks to finalize the deal by the end of March, with a likely sale price in the $680 million range.
A third firm, Kenwood USA, had originally considered bidding on JVC but backed out a week ago. The Singapore-based firm CCMP also declined to submit a bid after considering doing so earlier.
JVC, which was founded in 1927, developed the first-ever VCR technology in the 1970s.