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Exclusive-KKR, Bain bids ranged from $4.8 billion to $7.6 billion for Seven & i assets, sources say
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Exclusive-KKR, Bain bids ranged from $4.8 billion to $7.6 billion for Seven & i assets, sources say
Dec 24, 2024 8:09 PM

TOKYO (Reuters) - Private equity firms including KKR and Bain Capital offered from around 750 billion yen ($4.8 billion) to around 1.2 trillion yen ($7.6 billion) in a first round of bidding for the non-core assets of Japan's Seven & i Holdings ( SVNDF ), according to people familiar with the matter.

KKR offered around 800 billion yen, the people said. Rival U.S. firm Bain offered around 1.2 trillion yen, one of the people said. Local buyout firm Japan Industrial Partners offered around 750 billion yen, one of the people said.

All three firms were successful in the first round of bids for the supermarket assets of the 7-Eleven operator, according to the people, who declined to be identified because the information hasn't been made public. The size of the bids hasn't previously been reported.

A spokesperson for Seven & i ( SVNDF ) declined to comment, saying the bidding process wasn't public. KKR, Bain and Japan Industrial Partners also declined to comment.

Seven & i ( SVNDF ) is looking to hive off its non-core businesses, including its sprawling supermarket operations, as a separate unit known as York Holdings.

The retailer's founding family is in separate talks to take Seven & i ( SVNDF ) private through a management buyout to fend off a $47 billion takeover from Canada's Alimentation Couche-Tard ( ANCTF ).

($1 = 157.0300 yen)

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