TOKYO, March 18 - Dozens of investment firms, including KKR and Bain Capital, are exploring a capital alliance with Tokyo Electric Power (TEPCO) as part of the utility’s business turnaround strategy, according to Asahi Shimbun.
The company began soliciting proposals in February, with a deadline for concrete offers set at the end of March. TEPCO aims to select a partner by year-end.
While the Japanese government will retain its majority voting stake, TEPCO is open to being taken private as part of the restructuring.
U.S. firms KKR and Bain, along with Japan Industrial Partners (JIP) and Japan Investment Corporation (JIC), have expressed interest.