INCJ to sell 20% stake in Renesas
- Autor:Ella Cai
- Zwolnij na:2017-04-27
The Innovation Network Company of Japan (INCJ), a government bail-out fund for troubled companies, is to sell a 20% stake in Renesas.
INCJ currently holds 69% of Renesas after bailing out the company in 2013. At that time the company had cumulative losses of some $6 billion over the previous seven years.
INCJ bought its stake for $1.86 billion. About a dozen other Japanese companies also invested around $610 million in the bail-out.
The New York private equity company KKR tried to buy Renesas but was thwarted by the INCJ deal.
INCJ is now partnering with KKR in a bail-out bid for Toshiba.
Renesas is now in good shape having bought Intersil for $3.2 billion in February.
INCJ currently holds 69% of Renesas after bailing out the company in 2013. At that time the company had cumulative losses of some $6 billion over the previous seven years.
INCJ bought its stake for $1.86 billion. About a dozen other Japanese companies also invested around $610 million in the bail-out.
The New York private equity company KKR tried to buy Renesas but was thwarted by the INCJ deal.
INCJ is now partnering with KKR in a bail-out bid for Toshiba.
Renesas is now in good shape having bought Intersil for $3.2 billion in February.
