Japanese fund secures $6.8B to purchase Toshiba: Report

ANKARA

A Japanese investment fund has secured nearly 1 trillion yen ($6.8 billion) to purchase Toshiba Corp. and notified the embattled conglomerate that the amount was offered by a group of more than 10 Japanese firms, local media reported.

"Japan Industrial Partners (JIP), which leads a consortium that Toshiba designated the preferred bidder for the potential buyout, appears to be basing its total cost estimate on share price, as the figure equals the company's market capitalization," Kyodo News Agency quoted a source as saying.

But Japan Industrial Partners Inc. missed a Nov. 7 deadline to secure financing from major banks, and according to Kyodo, this "leaves uncertain whether funds can be guaranteed for the takeover estimated at some 2.2 trillion yen in total."

JIP’s consortium has been reportedly thinking of a takeover of Toshiba at a valuation of about 2.4 trillion yen ($16.2 billion) and is looking for about 1.4 trillion yen from banks.


Toshiba has been grappling to recover from problems such as massive loss in US nuclear power business that surfaced in the 2010s.