The founding family of Seven & I Holdings, the parent company of 7-Eleven, has approached KKR & Co. and other investment firms about participating in the potential buyout of the retailer, the Nikkei newspaper reported on Saturday.
In addition to KKR, the founding Ito family also approached Bain Capital and Apollo Global Management due to the view it will be difficult to secure sufficient capital from banks, the Nikkei reported.
Funding for the proposed buyout will be finalized by the end of December and will involve Japan’s three largest lenders.
Seven & I has received a buyout proposal from the founding family while under pressure to convince investors it can enhance value on its own and fend off a $47-billion takeover bid from Canada’s Alimentation Couche-Tard.