Japan’s State-Backed Fund Is in Negotiations with Bain about Acquiring Toshiba, According To the Nikkei
Nikkei reported on Wednesday that a Japanese government-backed fund had separated from its former partner and was negotiating with private equity company Bain Capital about forming a consortium to bid on Toshiba.
This would be Japan Investment Corp.’s second offer to acquire Toshiba. The fund had previously teamed up with private equity company Japan Industrial Partners, and their offer had advanced through the initial stage.
Nikkei and Kyodo News reported that Japan Investment Corp and Japan Industrial Partners had opted against making a joint bid.
According to the Nikkei, the Japan Investment Corp. plans to submit a proposal to take Toshiba private next month. Using mezzanine finance and other tools, it plans to attract international investors, the newspaper reported.
Nikkei reported on Wednesday that a Japanese government-backed fund had separated from its former partner and was negotiating with private equity company Bain Capital about forming a consortium to bid on Toshiba.
This would be Japan Investment Corp.’s second offer to acquire Toshiba. The fund had previously teamed up with private equity company Japan Industrial Partners, and their offer had advanced through the initial stage.
Nikkei and Kyodo News reported that Japan Investment Corp with Japan Industrial Partners had opted against making a joint bid.
According to the Nikkei, the Japan Investment Corp. plans to submit a proposal to take Toshiba private next month. Using mezzanine finance and other tools, it plans to attract international investors, the newspaper reported.
On Wednesday, Kyodo reported that Japan Industrial Partners had also approached Nippon Life Insurance Co about joining the consortium supporting Toshiba’s reorganization proposal.
According to a company representative, Nippon Life Insurance Co. has been approached by JIP, who added that “nothing is decided” regarding the insurance firm’s participation in JIP’s quest to restructure Toshiba.
