CORRECTED-UPDATE 1-Mitsubishi UFJ Lease says to merge with Hitachi Capital

(Corrects paragraph 4 to show combined firm will be third largest)

TOKYO, Sept 24 (Reuters) - Japan’s Mitsubishi UFJ Lease said on Thursday it would merge with Hitachi Capital Corp in the spring of 2021, a move that would create a heavyweight in the leasing industry.

A Mitsubishi UFJ Lease spokesman confirmed the plans, which were reported earlier by Diamond magazine online. A spokesman for Hitachi Capital declined to comment.

The Tokyo Stock Exchange suspended trading in both companies’ shares following the report.

The combined revenue of the two companies will be around 1.4 trillion yen ($13.3 billion), according to a Reuters calculation. That means the new company will rank as the lease industry’s third largest, Diamond reported. (Reporting by Takashi Umekawa, Hideyuki Sano; Writing by Chang-Ran Kim; Editing by David Dolan)