Chubu Electric joins all-Japanese Toshiba buyout consortium

Chubu Electric Power Co said on Sunday it is joining private equity firm Japan Industrial Partners (JIP) in conducting due diligence for a potential buyout of Japanese conglomerate Toshiba Corp.

Toshiba, which is exploring going private and other options, has selected Bain Capital, CVC Capital Partners, Brookfield Asset Management and a consortium involving JIP and state-backed Japan Investment Corp to proceed to a second bidding round.

JIP has contacted more than 10 companies including Chubu Electric, Orix Corp and Central Japan Railway Co (JR Central) to participate in its consortium, the Nikkei newspaper reported on Sunday.

Toshiba said it does not comment on candidates for the potential buyout. Orix and JR Central did not immediately respond to a request for comment.