Tokyo: Hitachi and Mitsubishi Corporation (MC) have announced that MC has agreed to sell, and Hitachi agreed to purchase, 51% of the issued shares of Japan Space Imaging Corporation (JSI), a subsidiary of MC, and that Hitachi and MC will jointly operate the satellite imagery business through JSI from November 15, 2013.
Triggered by the merger of GeoEye and DigitalGlobe in early 2013, a review of the structure of the satellite imagery businesses, at both Hitachi and MC, led the two companies to agree to collaborate through JSI, with Hitachi”s participation implemented by means of the acquisition of 51% of JSI shares issued from MC.
Through this transfer of JSI stocks, Hitachi and MC will take full advantage of MC”s experience in the business and JSI”s sales network, combined with Hitachi”s technological expertise, in their efforts to further expand the market.
Source: 4traders
