TOKYO — Tokyo Electric Power Co (Tepco) is considering joining a partnership between state-backed Japan Investment Corp and Japan Industrial Partners to bid for Toshiba Corp, Bloomberg News reported, citing people familiar with the matter.
Tepco, Japan’s top utility, is eyeing the Japanese conglomerate’s nuclear business, the report said on Tuesday.
Toshiba said last month it had received eight initial buyout proposals and two proposals for capital alliances that would see it remain listed.
Domestic funds, including JIC, and a number of strategic players are looking to see how they can participate in a deal, sources have previously told Reuters.
The participation of local funds is seen as critical as some of Toshiba’s key businesses – including defense equipment and nuclear power – are seen as strategically important to the Japanese government.
Toshiba and Tepco could not immediately be reached outside office hours.
KKR & Co Inc, Baring Private Equity Asia, Blackstone Inc, Bain Capital, Brookfield Asset Management, MBK Partners, Apollo Global Management and CVC Capital Partners have submitted initial bids, sources have said.
Some of them may form consortia for a bid, they have said. (Reporting by Chang-Ran Kim; editing by David Evans)