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).
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)