Apollo, Bain, possible bidders for Fujitsu’s $2.7 billion stake in Shinko – Bloomberg News
1:39 am Thursday, June 01st, 2023
(Reuters) – Fujitsu Ltd’s controlling stake in Shinko Electric Industries Co has attracted interests from Apollo Global Management Inc and Bain Capital as potential bidders, Bloomberg News reported on Wednesday.
Dai Nippon Printing Co, Japan Investment Corp and KKR & Co have also expressed interest in the stake, the report said, citing people familiar with the matter.
Fujitsu’s stake is valued at around $2.7 billion based on the latest stock price of Shinko, Bloomberg reported. In an earlier update, the news agency had pegged it at $2.4 billion.
A spokesperson for Fujitsu said the company is considering “various steps to maximize its value as an independent business,” declining to comment further on the stake sale. KKR declined to comment on the report.
Bain, Apollo and Dai Nippon did not immediately respond to Reuters’ request for comments. Shinko and Japan Investment Corp could not be immediately reached.
Fujitsu has been weighing options for Shinko as its largest stakeholder, looking to streamline operations, the report said, adding that potential bidders could practice more caution in valuing the firm its business involves national security issues.
(Reporting by Rahat Sandhu in Bengaluru; Editing by Nivedita Bhattacharjee)
