PE bids for Japan consumer lender: reports
According to reports in local Japanese press, a short list of bidders for Japanese consumer lender Takefuji Corp include: TPG Capital; nonbank financial firm in Kyoto, Japan, J Trust Co.; a major South Korean consumer credit company; and Tokyo-based buyout firm Advantage Partners, which owns Tokyo Star Bank and A&P Financial.
Takefuji filed bankruptcy protection, saddled with $5.33 billion worth of debt as of September last year. Industry sources estimated the deal may be in the $715-955 million range when the news of bankruptcy broke.
TPG has previously invested in Japanese consumer lender NIS Group Co. It took approximately 40% of the shareholding of NIS and 87,500 warrants which, upon exercise, are convertible into 3.4% of the shares of NIS. Through NIS, TPG also indirectly owns 50% of Nissin Leasing (China), which was purchased for JPY31 billion ($374.7 million) in 2008.
Eiichi Obata, a lawyer appointed to oversee the restructuring of Takefuji, said publicly in October that Court-appointed administrators have hired Shinsei Bank Ltd. to select financial sponsor to rehabilitate Takefuji. The final decision is slated to be made by March.
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