Toshiba Looks to Bain Capital Team Again for Chip Unit Sale (News)
[2017.09.14] Read in: 日本語 |

Tokyo, Sept. 13 (Jiji Press)—Toshiba Corp. said Wednesday it has entered into a memorandum of understanding with Bain Capital to accelerate talks with a group led by the US private equity firm on the sale of its flash memory unit, with the aim of reaching a definitive agreement by the end of this month.

The move came as the troubled Japanese electronics and machinery giant and Western Digital Corp., its existing flash memory business partner, remained apart over the US hard disk drive maker’s future involvement in the management of Toshiba Memory Corp. if it wins the bidding race.

In June, Toshiba selected the Bain Capital–led camp as its preferential negotiating partner. But it has been in intensive talks with Western Digital since late August, aiming to decide the chip unit’s buyer at a board meeting Wednesday.

To regain the lead in the race, Bain Capital late last month invited US technology giant Apple Inc., a major customer of Toshiba flash memory products, to its camp and put forward a fresh acquisition offer of some ¥2 trillion. Earlier this month, the camp raised its bid to ¥2.4 trillion, including funds for equipment investment.

At the Wednesday board meeting, Toshiba approved the conclusion of the document with the Bain Capital camp, also including investment fund Innovation Network Corp. of Japan and the Development Bank of Japan, both affiliated to the government, as well as South Korean chipmaker SK Hynix Inc.

[Copyright The Jiji Press, Ltd.]

  • [2017.09.14]
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