Arcelik AS in Turkey is in advanced talks with Japanese industrial conglomerate Hitachi Ltd. to take over overseas household equipment business, people with knowledge said.

An agreement is likely to be reached within the next few weeks, the people said, asking not to be identified because the information is private. According to the people, the transaction can be valued at about $ 500 million, according to the people.

The potential deal would contribute to the $ 83 billion in sales announced by Japanese companies this year, 38% higher than a year earlier, according to data compiled by Bloomberg. Hitachi has requested separate offers for its listed metal unit because it wants to streamline its business, Bloomberg News reported. It also left a UK nuclear project in September