Pentax is to be bought by filter maker Hoya in a $771m share deal, according to press reports published in the past few hours.

The two companies will merge their operations on 1 Oct 2007 to form a new company called Hoya Pentax HD Corp.

Reports also suggest that Hoya’s current president and chief executive Hiroshi Suzuki will head the combined company.

AP will bring you more on this story – including official comment from Pentax UK -early in the New Year.