Five candidates for capital alliance with TEPCO: Nikkei

Research evidence excerpt

Five candidates for capital alliance with TEPCO: Nikkei

22 June 2026

Tokyo Intraday Comment

Utilities Tokyo Electric Power Company Holdings (9501)

Rating: Underperform

Price Objective: ¥260

Company Note There were no major surprises in a 20 June Nikkei article reporting that Tokyo Electric

Share price: ¥514 (19 Jun) Power Company Holdings (TEPCO) is advancing negotiations for a capital alliance with

Senior Analyst: Norimasa five candidate groups, and that the proposals from these five groups include a capital

Shinya infusion of more than ¥1t and an assumption that TEPCO’s shares will be delisted.

Analyst: Kanato Isobe The five candidate groups are reportedly SoftBank, Japan Industrial Partners (JIP), and

three foreign funds (Kohlberg Kravis Roberts [KKR], Blackstone, and Global Investment

Partners [GIP; an infrastructure investment firm under the umbrella of BlackRock]). It

appears that the due diligence process will soon begin in earnest for the five candidates.

In addition to a ¥1t-plus investment and delisting, proposals also reportedly include

options such as restructuring the Fukushima business and economic businesses, and

issuing gold shares by foreign funds. While the accuracy of the report is currently unclear,

the reported details do not come as a major surprise, as they merely represent an

extension of information reported earlier. That said, we can probably conclude based

on the content of media reports that the company is making concrete progress in its

deliberations on an alliance.

It remains to be seen what form the alliance scheme will end up taking, but the likelihood

of a new stakeholder participating in the TEPCO group appears to have risen. Should

this happen, we believe the positioning of existing ordinary shareholders will be crucial