Japan's Seven & i Picks Bain Capital for Non-Core Assets Sale
TOKYO (Reuters) - 7-Eleven operator Seven & i Holdings has selected Bain Capital as the preferred buyer for a portion of its non-core assets, according to local media reports on Saturday.
Since late last year, Bain has been competing with private equity firms KKR and Japan Industrial Partners for a significant stake in York Holdings, an entity that Seven & i plans to spin off.
Nikkei reports that Bain has reportedly offered a valuation of over 700 billion yen ($4.7 billion) for York Holdings, citing an unnamed source. Jiji news agency also reported the valuation but did not specify its source.
Representatives from Seven & i, KKR, and Japan Industrial Partners were not immediately available for comment on Saturday, while Bain declined to comment.
Seven & i has established York Holdings to segregate non-core businesses, including its supermarket operations. The unit will comprise 31 subsidiaries, including the group's superstores business, baby goods store Akachan Honpo, and the Japanese operator of Denny's restaurants.