Japan's Olympus to sell microscope unit to Bain for $3 billion

Olympus Corp said on Monday it has agreed to sell its microscope unit to private equity firm Bain Capital for 427.6 billion yen ($3.08 billion) as the Japanese company focuses its resources on medical technology.

The sale of the unit, which also makes industrial endoscopes and x-ray analysers, comes as Olympus speeds the overhaul of its business portfolio, aiming to focus solely on medical technology.

Bain won over global private equity firms such as Carlyle Group and KKR & Co, people with direct knowledge have said.

In its overhaul, Olympus has invited activist investor ValueAct Capital on to its board, bought several overseas medical equipment firms and sold its digital camera business that had been a longtime money-loser.

Its shares have nearly tripled since it started to re-organise itself early in 2019.