Japanese investment fund secures USD6.8B to buy Toshiba

(MENAFN) A Japanese investment fund has guaranteed almost 1 trillion yen (USD6.8 billion) to buy Toshiba Corp. and informed the embattled company that the amount was given by a group of over 10 Japanese companies, according to local media.

"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 cited a source as saying.

Nonetheless Japan Industrial Partners Inc. missed a November 7-time limit to secure funding from main banks, and in agreement with Kyodo, this "leaves uncertain whether funds can be guaranteed for the takeover estimated at some 2.2 trillion yen in total."

JIP’s group has been reportedly thinking of a purchase of Toshiba at a valuation of approximately 2.4 trillion yen (USD16.2 billion) and is seeking for about 1.4 trillion yen from banks.

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