Unique-KKR, Bain bids ranged from $4.8 billion to $7.6 billion for Seven & i property, sources say By Reuters

By Miho Uranaka, Makiko Yamazaki and Ritsuko Shimizu

TOKYO (Reuters) – Personal fairness companies together with KKR and Bain Capital supplied 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 property of Japan’s Seven & i Holdings, in keeping with individuals accustomed to the matter.

KKR supplied round 800 billion yen, the individuals mentioned. Rival U.S. agency Bain supplied round 1.2 trillion yen, one of many individuals mentioned. Native buyout agency Japan Industrial Companions supplied round 750 billion yen, one of many individuals mentioned.

All three companies have been profitable within the first spherical of bids for the grocery store property of the 7-Eleven operator, in keeping with the individuals, who declined to be recognized as a result of the knowledge hasn’t been made public. The dimensions of the bids hasn’t beforehand been reported.

A spokesperson for Seven & i declined to remark, saying the bidding course of wasn’t public. KKR, Bain and Japan Industrial Companions additionally declined to remark.

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

The retailer’s founding household is in separate talks to take Seven & i non-public by a administration buyout to fend off a $47 billion takeover from Canada’s Alimentation Couche-Tard.

($1 = 157.0300 yen)