Two people familiar with the matter said today that Japanese private investment funds Japan Industrial Partners (JIP) and Polaris Capital Group (Polaris Capital Group) are considering participating in the bid for Toshiba Corp.
Toshiba formed a special committee last month to explore various strategic options, including a potential take-private deal .
Compared with major global private equity firms, JIP and Polestar Capital are much smaller, which means both will need to work with others to successfully bid for Toshiba, the people said.
Analysts say it is also crucial that Japanese funds can participate in the bid for Toshiba. Because some of Toshiba's assets, including defense equipment and nuclear power, are considered strategically important in Japan.
Although JIP and Polaris Capital are little known in overseas markets, the two companies have been actively involved in divestitures of large Japanese companies . For example, JIP acquired Olympus' camera business last year and Sony's laptop business in 2014. Polestar acquired Fujitsu's mobile phone business in 2018.
Toshiba has previously said it has signed non-disclosure agreements with 10 potential investors and sponsors and is seeking comments on going private and other strategic alternatives. Toshiba said the 10 companies received detailed information about Toshiba's business and finances after signing the agreement. Additionally, the deadline for potential investors to submit non-binding proposals is May 30.
A Toshiba spokesman said: “We will provide shareholders with an update on this process and will publicly announce the number of non-binding proposals received from potential partners ahead of our annual general meeting in June, and An overview of the proposed transaction structure."
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