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Toshiba, KKR, Bain to bid for Panasonic healthcare unit: sources
August 23, 2013 / 8:46 AM / 4 years ago

Toshiba, KKR, Bain to bid for Panasonic healthcare unit: sources

TOKYO (Reuters) - Toshiba Corp, U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR) and a consortium including Bain Capital are expected to participate in the final round of bids next week for Panasonic Corp’s healthcare business, a deal that could fetch as much as $1.5 billion, sources with knowledge of the matter said on Friday.

A logo of Panasonic Corp is pictured at its showroom in Tokyo November 1,2012. REUTERS/Yuriko Nakao

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. U.S. investment fund Bain Capital has teamed up with Japanese trading house Mitsui & Co Ltd and Development Bank of Japan Inc 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.

Reporting by Taiga Uranaka and Taro Fuse; Editing by Edmund Klamann

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