Ⓒ JoongAng Ilbo / JoongAng Ilbo Japanese version2021.04.08 08:45
An investment fund promotes the acquisition of Japanese energy and infrastructure company Toshiba.
The Nihon Keizai Shimbun reported on the 7th that British investment fund CVC Capital Partners has proposed an acquisition to Toshiba. According to Nikkei, CVC Capital recently offered Toshiba management a 100% stake. Toshiba’s market capitalization is 1,743.7 billion yen based on the closing price on the 6th. The acquisition price presented by CVC Capital is estimated to be 2.3 trillion yen, including a 30% management right premium. CVC Capital has also proposed a plan to delist Toshiba shares after a tender offer. The Nikkei report said that the Toshiba board of directors “began to consider whether the delisting proposal would be in the interests of shareholders.” The Tokyo Stock Exchange suspended trading of Toshiba shares on the morning of the 7th. This is to confirm the authenticity of the reports related to the tender offer. However, it is expected that there will be a lot of debate in Japan about the acquisition of Toshiba, which is a nuclear power generation business that is directly linked to economics and security, by foreign capital. In order for CVC Capital to acquire Toshiba, it must pass the consent of the Japanese Ministry of Economy, Trade and Industry and the preliminary examination of the Ministry of Finance.
Currently, Toshiba’s shares are held by overseas financial and investment institutions such as Goldman Sachs at 7.4% and by Japanese financial companies such as Dai-ichi Life at 2.5% and 13.4%. There is. The ratio of individual shareholders is 20.2%. CVC Capital, which is promoting the acquisition of Toshiba, manages $ 117.8 billion in assets in 23 countries. In South Korea, it acquired the accommodation reservation app “Yogiotte” in 2019.