Investment fund Japan Industrial Partners Inc. has secured about 1 trillion yen ($6.84 billion) from over 10 Japanese companies and proposed the amount to Toshiba Corp. for a buyout, a source familiar with the matter said Monday.
JIP estimates the total cost of taking over Toshiba would be around 2.2 trillion yen, which is equivalent to the Japanese electronic maker's market capitalization, according to the source.
In early October, a group of companies led by JIP was selected as the preferred bidder, gaining an advantage over another bidder, Japan Investment Corp., a state-backed fund seeking to team up with Bain Capital for the buyout.
