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Lone Star wins right to buy Osaka Prefecture’s railway, warehouse firm
U.S. distressed asset investor Lone Star has won the right to buy the Osaka Prefectural Urban Development Co, half owned by Japan’s Osaka prefecture, for 78 billion yen ($783 million), two people with direct knowledge of the transaction told Reuters.
Lone Star outbid its peer Fortress Investment Group and a local railway company Nankai Electric Railway Co, to buy the company, the sources said.
The divestment of the company that runs railway systems and warehouses reflects a privatization strategy by Osaka Prefecture.
Osaka Prefecture owns 49 percent stake in the company while Osaka Gas Co, Kansai Electric Power Co and Japanese banks including Resona Holdings Inc own a 51 percent. (Reuters)
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