DNPLY - Apollo Bain said to be among bidders for Fujitsu's $2.7B Shinko stake - report

2023-06-01 07:56:06 ET

• Apollo Global Management ( NYSE: APO ) and Bain Capital are reportedly among those bidding for Fujitsu's ( OTCPK:FJTSF ) ( OTCPK:FJTSY ) controlling stake in Shinko Electric Industries ( OTCPK:SHEGF ), a maker of packaging materials for semiconductors.
• KKR ( KKR ), Japan Investment Corp., and Dai Nippon Printing ( OTCPK:DNPLY ) ( OTCPK:DNPCF ) have also shown interest in the 50% stake in Shinko Electric, Bloomberg reported, citing people familiar with the matter. Based on recent trading, the Shinko stake is valued at ~$2.7B.
• Shinko Electric ( OTCPK:SHEGF ) shares surged 11% on the Tokyo Stock Exchange Thursday. The stock has climbed 63% year-to-date.
• Fujitsu ( OTCPK:FJTSF ) has hired an adviser as it considers options for its stake in Shinko Electric and seeks to streamline operations, the people told Bloomberg.
• No decisions have been made by the potential buyers and they might not proceed with formal offers. As well, Fujitsu could decide to hold onto the stake for longer, they said.
• On Tuesday, Apollo ( APO ) Impact fund agreed to acquire UK construction firm United Living.

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