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CVC is said in discussions with Japanese investors for Toshiba’s offer

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CVC Capital Partners in talks with local investors in Japan to join its $ 21 billion takeover bidToshiba Corp., according to people familiar with the matter.

The private equity firm has reached out to Japanese institutions to gauge their interest, said the people, who asked not to be identified because the talks are private. The involvement of local investors could help get regulatory approval for the deal in Japan, the people said. CVC is also considering bringing in another buyout company as a partner in the Toshiba deal, one of the people said.

Meanwhile, CVC is in talks with banks for funding its Toshiba offering, another person said. Talks are ongoing and no final decisions have been made on the list of investors or funding, the people said. A CVC representative could not immediately comment.

Toshiba confirmed on Wednesday that it had received a preliminary offer from HVAC. An executive of the Japanese conglomerate, which refused to be appointed, later said the private equity firm had proposed5,000 yen per share, which would value it at around 2.28 trillion yen ($ 20.8 billion).

A deal with Toshiba would be the second initiated in Japan this year by CVC, which is buying the personal care unit from Shiseido Co. in a $ 1.5 billion deal. The buyout company raised 21.3 billion euros ($ 25 billion) for its eighth flagship fund last year, Bloomberg News reported.

– With the help of Dinesh Nair and Cathy Chan

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