Chubu Electric joins all-Japan Toshiba buyout consortium

The emblem of Toshiba Corp. is displayed atop of the corporate’s facility constructing in Kawasaki, Japan June 24, 2022. REUTERS/Issei Kato

TOKYO, Sept 18 (Reuters) – Chubu Electrical Energy Co (9502.T) stated on Sunday it’s becoming a member of non-public fairness agency Japan Industrial Companions (JIP) in conducting due diligence for a possible buyout of Japanese conglomerate Toshiba Corp (6502.T).

Toshiba, which is exploring going non-public and different choices, has chosen Bain Capital, CVC Capital Companions, Brookfield Asset Administration and a consortium involving JIP and state-backed Japan Funding Corp to proceed to a second bidding spherical.

JIP has contacted greater than 10 corporations together with Chubu Electrical, Orix Corp (8591.T) and Central Japan Railway Co (JR Central) (9022.T) to take part in its consortium, the Nikkei newspaper reported on Sunday.

Orix stated it was contemplating investing in Toshiba, with out offering particulars. Toshiba stated it doesn’t touch upon candidates for the potential buyout. JR Central didn’t instantly reply to a request for remark.

Reporting by Mariko Katsumura, Sam Nussey, Makiko Yamazaki, Ritsuko Shimizu and Junko Fujita; Modifying by Alex Richardson, Christian Schmollinger and William Mallard

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