Toshiba Signs $17.7 Billion Deal to Sell Memory Chip Unit to Bain-Apple Group


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after lengthy negotiations, toshiba morning officially agreed sell lucrative memory chip unit global consortium includes apple, in deal reportedly worth $17.7 billion (via the wall street journal).

toshiba said legally binding agreement ensures chip unit remain toshiba affiliate after has become property of bain capital-led group, includes apple, dell, seagate, hoya, , sk hynix.

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toshiba , bain want deal done end of march, despite ongoing litigation western digital, jointly operates memory business toshiba. western digital claims has right vote on sale. hurdle receiving antitrust clearance, take 6 months or longer, according wsj.

toshiba announced sell nand flash memory unit in january 2017 raise funds cover huge losses associated u.s. nuclear subsidiary, westinghouse. toshiba wants close deal raise cash march can remain listed on tokyo stock exchange.

several companies, including tsmc, foxconn, amazon, google, broadcom, , range of private equity firms entered bids year in effort piece of memory chip unit.

in statement given reuters on thursday, sk hynix said bain-led group hold 49.9 percent of voting rights in chip unit, while toshiba hold 40.2 percent , japan's hoya corp own 9.9 percent. apple, dell, seagate, , kingston technology invest in form of non-convertible preferred shares, said.

sk hynix revealed invest 395 billion yen ($3.5 billion) in unit. other companies declined comment, individual investments believed 350.5 billion yen ($3.11 billion) toshiba, 212 billion yen ($1.88 billion) bain, , combined 415.5 billion yen ($3.68 billion) apple, dell, kingston, , seagate.

apple has been interested in memory chip unit because nand flash essential component of iphones , ipads. handful of companies make chips , dominant player samsung, apple's biggest rival in smartphone industry.

article link: toshiba signs $17.7 billion deal sell memory chip unit bain-apple group
 

sell samsung stock..
 


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