Japan Industrial Partners gets closer to securing financing for its acquisition of Toshiba Corp

Japan Industrial Partners Inc.’s chances of obtaining funding from Japanese banks to acquire Toshiba Corp. have improved.

This month, the business hopes to acquire bank finance pledges totaling roughly 2.2 trillion yen ($16 billion), including debt.

If it is accomplished before the end of the year, this might be Asia’s largest acquisition.

Toshiba set a November 7th deadline for securing financing. The acquisition was supposed to be completed by the end of March, however due to the difficulties in obtaining bank commitments, the company postponed the deadline.