Tokyo Electric Power Company Holdings, Incorporated (TSE:9501) is considering joining a partnership between Japan Investment Corporation and Japan Industrial Partners, Inc. to bid for Toshiba Corporation (TSE:6502), 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 July 05, 2022. 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. Toshiba and Tepco could not immediately be reached outside office hours. KKR & Co.
Inc. (NYSE:KKR), Baring Private Equity Asia, Blackstone Inc. (NYSE:BX), Bain Capital, LP, Brookfield Asset Management Inc. (TSX:BAM.A), MBK Partners, Apollo Global Management, Inc. (NYSE:APO) and CVC Capital Partners Limited have submitted initial bids, sources have said. Some of them may form consortia for a bid, they have said.