State-backed investment fund Innovation Network Corporation of Japan (INCJ) and American private equity firm Kohlberg Kravis Roberts & Co (KKR) plan to make a joint bid for Toshiba Corp's semiconductor memory unit, it has been learned.
Initially, a "Japanese federation" consisting of major Japanese companies aimed to bid for the unit, but with firms in the federation continuing to express difficulties over the provision of a meaningful capital injection, the fund-driven model involving INCJ and KKR ultimately took over.
The joint bid is expected during a second bidding round in mid-May, with an offer in the range of 2 trillion yen. The state-backed Development Bank of Japan also plans to join INCJ and KKR's team, amid hopes that a government-led acquisition would prevent a drain of technical semiconductor knowhow from Japan.
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