Deals
Ailing Pioneer to Get a $538 Million Bailout From Baring
- Baring Private Equity will buy stock and extend a bridge loan
- The deal, which isn’t binding, will rescue the struggling icon
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Pioneer Corp., once among the world’s hottest names in technology before succumbing to debt and failed expansions, agreed to a bailout from Baring Private Equity.
Baring Private Equity will buy as much as 60 billion yen ($538 million) of stock in the Tokyo-based company, according to a filing on Wednesday. But its shares fell 9.3 percent to their lowest in nine years after the company said the deal wasn’t legally binding, though executives told reporters they hoped to clinch an agreement by October.