Mitsubishi UFJ Financial Group Inc. and Hitachi Ltd. announced a leasing tie-up on Friday that will allow the two firms with both streamlining and financing infrastructure development initiatives.
MUFG and Mitsubishi UFJ Lease & Finance Co. will purchase 27.2 percent of outstanding shares from Hitachi's leasing subsidiary Hitachi Capital Corp. The outstanding shares are worth 108.1 billion yen (995 million U.S. dollars).
Hitachi Capital, for its part, will buy a 3 percent stake in Mitsubishi UFJ Lease, with the move intended to bolster MUFG's financing of domestic and overseas infrastructure projects through Hitachi's contracts.
The new tie-up will also allow Hitachi to streamline its own finance leasing operations.
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