Unique-KKR, Bain bids ranged from $4.8 billion to $7.6 billion for Seven & i belongings, assets say Through Reuters

Through Miho Uranaka, Makiko Yamazaki and Ritsuko Shimizu

TOKYO (Reuters) – Personal fairness corporations together with KKR and Bain Capital introduced from round 750 billion yen ($4.8 billion) to round 1.2 trillion yen ($7.6 billion) in a primary spherical of bidding for the non-core belongings of Japan’s Seven & i Holdings, in step with folks conversant in the subject.

KKR introduced round 800 billion yen, the folks mentioned. Rival U.S. company Bain introduced round 1.2 trillion yen, one of the most folks mentioned. Native buyout company Japan Commercial Companions introduced round 750 billion yen, one of the most folks mentioned.

All 3 corporations have been a success within the first spherical of bids for the grocery store belongings of the 7-11 operator, in step with the folks, who declined to be known since the knowledge hasn’t been made public. The scale of the bids hasn’t prior to now been reported.

A spokesperson for Seven & i declined to remark, announcing the bidding procedure wasn’t public. KKR, Bain and Japan Commercial Companions additionally declined to remark.

Seven & i is having a look to hive off its non-core companies, together with its sprawling grocery store operations, as a separate unit referred to as York Holdings.

The store’s founding circle of relatives is in separate talks to take Seven & i non-public thru a control buyout to fend off a $47 billion takeover from Canada’s Alimentation Couche-Tard.

($1 = 157.0300 yen)