Japanese camera and endoscope maker Olympus has agreed to sell its business process outsourcing unit to buyout firm Longreach, the latest example of a sprawling Japanese conglomerate selling a non-core business.
Longreach said in a statement on Monday that it expects its purchase of Nippon Outsourcing Corp. NOC to close by October 31.
Financial details were not disclosed but a person familiar with the matter told FinanceAsia that the enterprise value of the deal was below $100 million.
Such carve-outs are slowly gaining traction in Japan as the government steps up pressure on companies to focus more on pleasing shareholders. In June...
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