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Auction Begins For JVC

2/07/2007 02:47:00 PM Eastern

Tokyo – Three private equity firms are competing in an auction to acquire controlling interest in Victor Co. of Japan, parent of JVC of America, from Matsushita Electric Industrial, according to a report from the Wall Street Journal.

The firms, which include San Francisco-based Texas Pacific Group, Hong Kong-based CCMP Capital Asia and London-based Permira Advisers have reportedly expressed interest in the consumer electronics company and are preparing bids based on publicly available information.

A second round of bidding in the auction, which could include details of financing commitments, may come by the end of the week, the report said.

A spokesman for JVC could not comment, and queries to Victor Co. of Japan were not returned as this was written.

Matsushita Electric Industrial owns Panasonic and controls Victor Co. of Japan with a 52 percent stake, which has an estimated value of about $665 million at the current market price.