A PYMNTS Company

Japan: Toshiba chip business set for $18b sale to Bain-led group backed by Apple

By  |  September 28, 2017
Japan: Toshiba chip business set for $18b sale to Bain-led group backed by Apple

The long-running saga over the future of Toshiba’s memory chip business — the world’s second largest supplier of NAND memory used in phones and PCs — took a big step forward after the Japanese company officially agreed to an US$18 billion sale to a consortium led by Bain Capital, which includes Apple among its backers.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    A deal was agreed in principle earlier this month, with rival offers led by KKR and two Japanese funds rejected, and now Toshiba’s board has given its approval.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Toshiba is keen to sell its TMC (Toshiba Memory Corporation) business to offset losses from its bankrupted Westinghouse nuclear business which it fears may cause it to be delisted from the Tokyo stock exchange next year.

    The deal is an important one, not just for Toshiba, but for the wider tech industry. Apple, for one, fears that rival Samsung, already the largest player in the memory space with 40% marketshare, could profit from the issues at Toshiba. It’s involvement in the bid — reportedly to the tune of US$7 billion — centers around keeping the industry competitive.

    Full Content: Toshiba

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.