Hitachi, Ltd. (TSE:6501) has narrowed down its list of potential buyers for Hitachi Metals, Ltd. (TSE:5486) to three U.S. investment funds, informed sources said on January 15, 2021. The three candidates are Bain Capital, LP, The Carlyle Group Inc. (NasdaqGS:CG) and KKR & Co. Inc. (NYSE:KKR).

Japan Investment Corporation is seen joining in the final stage of the bidding process to create a Japan-U.S. coalition, the sources said. The first round of bidding, held at the end of 2020, drew several participants including Bain Capital and Apollo Global Management, Inc. (NYSE:APO). The Hitachi side will closely inspect the acquisition plans submitted by the three in a second round of bidding to be held in February 2021.

JIC Capital Co., Ltd. is also considering working with a U.S. fund to make a joint investment. Since the value of the deal is seen reaching around several hundred billion yen, funds other than the JIC group may join the expected consortium.