Apollo Global Management (APO) is considering a taking a significant stake in Japanese convenience store operator Seven & i as its founding owners are looking to take the company private, Bloomberg News reported Friday, citing unnamed sources familiar with the matter.
Sources told Bloomberg that Apollo is in talks for a commitment of up to 1.5 trillion Japanese yen ($9.49 billion) and other partners are still negotiating their own stakes. According to the report, the current proposal for the transaction values the combined stakes at about 4 trillion yen, down from the initially planned 9 trillion yen.
Bloomberg said the proposal remains subject to change and Mitsubishi UFJ Financial Group (MUFG) is also set to participate in the transaction.
Apollo Global Management and Seven & i did not immediately respond to MT Newswires' requests for comments.
In September, Seven & i rejected a takeover offer from Canada's Alimentation Couche-Tard (ANCTF).
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