Business / Corporate

Japan's Orix to buy U.S. financial firm NXT Capital for ¥100 billion

Kyodo

Financial services firm Orix Corp. said Monday it has agreed to purchase U.S. lender NXT Capital Inc. for over ¥100 billion ($900 million) to strengthen its competitiveness in the U.S. market.

The transaction, to be completed in August, will bring the Chicago-based firm under Orix’s U.S. subsidiary.

NXT Capital, established in 2010, provides financing for the U.S. middle market.

Orix, one of Japan’s leading general leasing firms, has diversified its operations into real estate as well as retail financial services including banking, insurance and card loans.

The Tokyo-based group’s overseas net profit accounted for 25 percent of its total in the business year that ended in March.

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