Toshiba, KKR, Bain to bid for Panasonic unit: Sources
Toshiba, private-equity firm Kohlberg Kravis Roberts and a consortium including Bain Capital are expected to participate in the final round of bids next week for Panasonic's health-care business, a deal that could fetch as much as $1.5 billion, sources with knowledge of the matter said on Friday.
Panasonic is looking to raise funds by selling shares in the healthcare unit, whose products include blood sugar monitoring equipment, hearing aids and electronic medical record-keeping systems.
The deadline for the second round of bids is set for Monday. Investment fund Bain Capital has teamed up with trading house Mitsui and Development Bank of Japan for the auction, said the sources, who were not authorized to discuss the matter publicly.
Panasonic is expected to shortlist a bidder in early September for exclusive negotiations, the sources said.