Chubu Electric joins the All-Japan Toshiba Procurement Consortium

Chubu Electric joins Japan’s industrial partners in conducting due diligence on the potential purchase of Toshiba Corp.

Tokyo: Chubu Electric Power Co. said Sunday it will join private equity firm Japan Industrial Partners (JIP) in conducting due diligence for a potential purchase of Toshiba Corp.

Toshiba, which is exploring privatization and other options, has selected Bain Capital, CVC Capital Partners, Brookfield Asset Management, and a consortium including JIP and state-backed Japan Investment Corp. to embark on the second round of bidding.

The Nikkei reported Sunday that JIP has made contact with more than 10 companies including Chubu Electric, Orix Corp, and Central Japan Railway Co (JR Central) to participate in its consortium.

Oryx said it was considering investing in Toshiba, without elaborating. Toshiba said it does not comment on potential purchase candidates. JR Central did not immediately respond to a request for comment.

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