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Toshiba in turmoil

Toshiba bid: Japan state-backed fund seeks Bain tie-up

Companies rejig partnerships hoping to gain ground in 2nd bidding round

Toshiba's market capitalization exceeds 2 trillion yen ($13.8 billion) and investors will need to have deep pockets to take it private. (Photo by Takayuki Yao)

TOKYO -- Japan Investment Corp. will dissolve a partnership with Japan Industrial Partners and instead seek to join hands with Bain Capital on a joint bid for Toshiba's restructuring, Nikkei has learned.

State-based fund JIC and JIP had jointly advanced to the second round of bidding for Toshiba's restructuring. JIP, a private equity firm, will now seek investments from other domestic companies.

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