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Wednesday, September 3, 2014

Japan's Pioneer in final stage of sale of DJ equipment unit -sources, (NYSE: BAC)

Japanese car electronics maker Pioneer Corp is in the final stage of selling its disc-jockey equipment business, which could fetch about 60 billion yen ($570 million), two people with knowledge of the transaction said. Pioneer has hired Bank of America Merrill Lynch to handle the sale, said the sources, asking not to be named because the process has not been made public.Global private equity firms are among the final bidders, they added.Pioneer, which is selling off non-core assets to focus on the automotive electronics business, in June agreed to sell most of its loss-making audio-video operations to a consortium comprising Hong Kong-based Baring Private Equity Asia and audio equipment maker Onkyo Corp. That deal has yet to close.The DJ equipment business, which makes speakers and mixing equipment, was profitable in the latest financial year to March, a source familiar with the matter said.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 1.12% or $0.18/share to $16.22. In the past year, the shares have traded as low as $13.60 and as high as $18.03. On average, 65855800 shares of BAC exchange hands on a given day and today's volume is recorded at 59440880.