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Toshiba Will Sell Flash Memory Unit to Bain Capital, SK Hynix
21 September 2017, 12:58 | Lionel James
Toshiba said to have selected Bain-SK Hynix group to buy its memory business
The auction of the world's second-largest producer of NAND chips will rescue the embattled Toshiba Corp. from immediate delisting from the Tokyo Stock Exchange (TSE). -South Korean consortium led by USA private equity fund Bain Capital, informed sources said. It has opposed the sale of Toshiba's chip business from the very beginning, arguing that the business segment includes joint venture agreements that can not be sold off without Western Digital's approval.
The Bain-led group was identified as a preferred bidder nearly three months ago, but the process has been delayed by lawsuits, government opposition and corporate indecision.
The board has made its decision for the Bain group, three sources told the news service, and they said the company would announce it later Wednesday.
-South Korean syndicate with its joint venture partner Western Digital Corp. now out of the running, sources with knowledge of the matter said Wednesday. The transaction includes Toshiba's $3.1 billion investment in the unit, as well as stakes from Apple Inc.
Korean chipmaker SK hynix remained silent on Sept 20 over reports that Japan-based Toshiba has chose to pick a Japan-US-Korean consortium as preferred bidder to buy its memory chip business unit. A Western Digital spokesman declined comment. Similarly, a bid led by equity group KKR and Western Digital did not progress. The special objective entity making the acquisition will be called Pangea and receive about 600 billion yen in loans, the person said. Seagate helped bring in Hoya Corp., another Japanese company, which calmed Toshiba, one of the people said, and helped the deal go forward.
Following the signing of a memorandum of understanding on 13 September, Toshiba has apparently concluded a deal to sell its semiconductor business to Bain Capital for $18billion.
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