Sources told Reuters that three companies would be bidding for the healthcare unit of Panasonic Corp. Private equity company Kohlberg Kravis Roberts & Co (KKR), Toshiba Corp and a Bain Capital-led consortium were the firms that would be joining in next week's final bidding. People with knowledge of the matter but were not authorized to speak about it publicly also disclosed that Bain Capital has formed a buyout consortium with Mitsui & Co Ltd and the Development Bank of Japan Inc for the transaction.
The sources said that the price tag for Panasonic's healthcare business was worth as much as USD 1.5 billion. Panasonic is selling stakes in its healthcare unit to raise money. The healthcare business has been manufacturing hearing aids, blood sugar monitoring equipment and medical record-keeping systems. The company has given prospective bidders until this Monday to submit their bids. Sources also said Panasonic would shortlist the winning bidder for exclusive negotiations sometime early in September of this year.
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