TOKYO (Reuters) – The founding family of Japan’s Seven & i Holdings has approached KKR & Co and other investment firms about participating in the retailer’s potential takeover, the Nikkei newspaper reported on Saturday.
In addition to KKR, the founding Ito family has also approached Bain Capital and Apollo Global Management because they believe it will be difficult to obtain sufficient capital from the banks, the Nikkei reported.
Financing for the proposed buyout will be completed by the end of December and will involve Japan’s three largest lenders, Reuters reported on Wednesday.
Seven has received a buyout proposal from its founding family as it faces pressure to convince investors it can grow its value on its own and fend off a $47 billion takeover bid from Canada’s Alimentation Couche-Tard.
(Reporting by Sam Nussey; Editing by David Dolan)
