Chubu Electric Joins Toshiba’s All-Japan Acquisition Consortium

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TOKYO: Chubu Electric Power Co said on Sunday that it is conducting due diligence with private equity firm Japan Industrial Partners (JIP) on a possible acquisition of Japanese conglomerate Toshiba Corp.

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

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JIP has contacted more than 10 companies including Chubu Electric, Orix Corp and Central Japan Railway Co (JR Central) to join the consortium, Nikkei newspaper reported Sunday.

Orix said it is considering investing in Toshiba, without providing details. Toshiba said it is not commenting on candidates for the potential buyout. JR Central did not immediately respond to a request for comment.

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