JIC set to join foreign private equity groups in battle for conglomerate

A $30bn fund backed by the Japanese government is weighing a takeover of Toshiba, entering a bidding battle that has drawn interest from the world’s largest private equity funds.

US groups Bain Capital, KKR and Blackstone are among the other potential acquirers.

Toshiba shares on Wednesday rose as much as 3.3 per cent following the report, giving the company a market valuation of $19.5bn.

Some 96 per cent of JIC is owned by the government but it is also backed by big corporations such as Toyota and Sony. In the fiscal year to the end of March 2021, JIC made commitments to invest a total of ¥334.3bn ($2.6bn) in six funds.

Read more: FT