TOKYO/HONG KONG : Japan Industrial Partners, the preferred bidder to buy out Toshiba Corp, has moved closer to securing financing from banks, three people with knowledge of the matter said.
JIP, which is planning to form a consortium, is hoping to secure commitments from banks this month for a buyout that would value the industrial conglomerate at around 2.2 trillion yen , part of which would be funded by loans from the banks, one of the people and a fourth source said. Sumitomo Mitsui Banking Corp, the core unit of Sumitomo Mitsui Financial Group Inc, and Mizuho Bank Ltd, the core unit of Mizuho Financial Group Inc declined to comment.
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