Blackstone [NYSE:BX] has bagged an exclusive negotiation right to acquire Infocom [TYO:4348], the Tokyo-based electronic manga distributor, according to sources familiar with the situation.

The US private equity firm is believed to have made the highest offer for around JPY 260bn (USD 1.65bn) for all the Infocom shares at the second-round bids due earlier this month, they said.

However, the situation remains fluid as negotiations over the price and terms continue, said one of the sources.

Shares of Infocom closed at JPY 4,670 today (Thursday), up 87.93% year-to-date, with the total market cap standing at JPY 268.99bn.

Mergermarket reported last week that Blackstone, KKR [NYSE:KKR] and a consortium of Sony Group [TYO:6758] and Integral [TYO:5842] submitted the binding bids while some have offered around JPY 250bn. The deal could potentially lead to a privatization of Infocom.

According to the report, Infocom also owns an alternative option despite the ongoing auction process as domestic private equity investor Advantage Partners made an offer that would allow Infocom to remain listed.

Teijin [TYO:3401], a Japanese chemical company, is the largest shareholder of Infocom with a 55.1% stake, according to Infocom’s website.

Mergermarket scooped on 8 March that Teijin was considering selling a stake in Infocom and retained Nomura Securities to proceed with the sale. Beyond Arch Partners is advising Infocom.

Teijin, Infocom and Blackstone did not return a request for comments by the time of publication.