Electric guitar producer Gibson Guitar said that it had planned purchasing a majority share in Japanese audio equipment maker TEAC Corp. in a 4.88 billion yen deal.
Gibson Guitar, which headquarters in Nashville, Tennessee, said that the acquisition of shares would provide them with Japan engineering technology into the music and audio lifestyle area into which it is making diversification.
The Nashville-based company said that it will buy 54.4% of the outstanding shares in TEAC from funds operated by Phoenix Capital.
Gibson is set to pay 31 yen per share for TEAC under the deal.
Gibson is known for its electric guitars that are used by legendary rock guitarists such as Jeff Beck and Jimmy Page.
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