Japan's Aspirant, Daiwa PI to buy UACJ Copper Tube for $223.4 mln

Japanese private equity firm Aspirant Group and Daiwa PI Partners, an investment arm of Daiwa Securities Group Inc., plan to buy UACJ Copper Tube Corp., a copper to titanium tubes manufacturer.

Under the pact, Aspirant and Daiwa intend to pay 24 billion Japanese yen ($223 million) for a 100 percent stake in UACJ Copper Tube Corp. from UACJ Corp.

The stake acquisition will be executed through a share transfer on September 30, 2019, by Toyokawa Holdings, which is owned by Aspirant Group and Daiwa PI Partners.

With the projected sale proceeds, UACJ Corp. intends to increase its capital efficiency to maximize its aluminum business. More so, UACJ Copper Tube will start operating its business under its new shareholder on October 1, 2019.