Major private equity company CVC Capital Partners, with many interests in the gambling industry, is making a surprise bid for the troubled Japanese electronics giant Toshiba.
The news yesterday sent Toshiba shares climbing, as the CVC bid could be worth around $20bn, if successful.
CVC has in its portfolio Magnum Corporation, the lottery operator, Sisal the betting, gaming and payments company, SkyBet and Tipico, both sports betting and online gambling businesses. It has $117bn of assets and around $160bn in committed funds.
Toshiba has been hit by scandals in recent times and upon news of the bid its shares on the Tokyo Stock Exchange were suspended.