A consortium led by Japan Industrial Partners is considering a takeover of Toshiba at a valuation of about ¥2.4 trillion ($16.1 billion) in what could be Asia’s biggest buyout this year, according to people familiar with the matter.

The JIP-led group, which is the preferred bidder to take the industrial group private, plans to provide ¥1 trillion in cash while seeking financing totaling ¥1.4 trillion from banks along with a committed line of credit of ¥200 billion in working capital, said the people, who asked not to be identified as the matter is private.

Toshiba, in its regular meeting with banks including Sumitomo Mitsui Banking on Thursday, informed them that JIP is valuing the company at around ¥2.4 trillion and asked them to give financing support, the people said.