Toshiba acquisition plan is announced, and JIP GROUP proposes to privatize it with 2 trillion yen.

CTOnews.com, February 9, the Nikkei News reported today that a consortium led by JIP GROUP (Japan Industrial Partners) has submitted a final bid for Toshiba at a price of about 2 trillion yen (currently about 103.6 billion yuan), including a loan of 1.6 trillion yen, hoping to privatize the troubled company.

Major Japanese banks, including Sumitomo Mitsui Financial Group, have issued letters of commitment to provide loans to groups led by JIP, according to two sources who spoke on condition of anonymity. It is said that the 1.4 trillion yen loan includes a working capital commitment line of 200 billion yen.

They said the final offer would also include an equity portion of about Y1, 000bn. However, it is not clear whether this amount has been finalized.

Toshiba declined to comment, while private equity firm JIP declined to comment.

Tuyuan Unsplash Bloomberg earlier this week quoted people familiar with the matter as saying that several big Japanese banks issued loan commitment letters to support the Japan Industrial Partners-led acquisition.

CTOnews.com has reported that the deal was expected to reach about 2.2 trillion yen (about 111.98 billion yuan), but now appears to be a little high. Previous sources have also said that the stake will be provided by a number of Japanese companies, including financial services group Orix, chipmaker Rohm and Postal Bank of Japan.