Toshiba to sell memory business for $18 billion

Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo

Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo

Toshiba's board has agreed to sell the company's Nand flash memory chip business for ¥2.1 trillion ($18.9 billion) to a consortium that includes private equity group Bain Capital and Apple, The Financial Times reports.

SK hynix said, however, Toshiba's talks with multiple bidders have not yet concluded.

The latest - and quite possibly, the final - twist in the highly contentious auction of Toshiba's memory chip unit looks like drawing the affair to an end.

A separate source said that an official announcement by Toshiba on the deal had been held up as the Japanese firm was still waiting for commitment letters from all of the Bain consortium members. It noted that Japanese investors still will control a majority stake. The leading supplier, Samsung, is at 36 percent, while the Micron-Intel partnership and SK Hynix account for 17 percent and 12 percent, respectively. Its spokesman said that being chosen as a preferred bidder does not mean the deal is finalized. All because of the legal action launched by Toshiba's scorned JV partner in the chipmaking business, U.S. group Western Digital. In that case, three joint ventures between Toshiba and Western Digital would not be transferred to Bain at closing and the purchase price would be adjusted, the person said.

Bus Crash in Queens Injures More Than a Dozen
A person answering the phone there declined to comment; there was no immediate response to an emailed request seeking comment. The crash is considered "very serious", and is causing "heavy traffic delays", police tweeted.

Toshiba confirms that the deal will complete regardless of the legal situation against Western Digital.

Toshiba is rushing to sell Toshiba Memory to make up for the huge losses stemming from its now-bankrupt US nuclear unit by next March and avoid reporting negative net worth for a second straight year that would see it face a forced delisting from the Tokyo Stock Exchange.

Failure to clinch a deal soon, could result in Toshiba being delisted in March, with a six month window needed to get its finances in order.

Recommended News

  • Final Fantasy IX is now available for PlayStation 4

    Final Fantasy IX is now available for PlayStation 4

    In the game, you do have to jump rope 1000 times to get a Key Item, but I think this feat could have shed a digit in transition. In this new trailer, discover the reason why the heroes must face each other to save the world.
    Jurgen Klopp: I don't feel pressure to win trophies at Liverpool

    Jurgen Klopp: I don't feel pressure to win trophies at Liverpool

    And Matip felt Liverpool did everything but score a decisive second goal, telling Liverpool's official website : "It was a tough game and I think we deserved more ".
    Ryanair cancellations spark passenger anger

    Ryanair cancellations spark passenger anger

    That provides for compensation and a host of other rights for passengers in the event of delay or cancellation of a flight. Around 30,000 Ryanair passengers have had their weekend travel plans wrecked by short-notice flight cancellations.
  • CW to debut

    CW to debut "Chilling Adventures of Sabrina"

    Riverdale showrunner Roberto Aguirre-Sacasa is writing the adaptation, which could potentially debut in the 2018-19 season. Trailing on the heels of its smash hit Riverdale , The CW is banking on another Archie Comics wonder teen.

    Conte improved me in a week - Hazard blasts Mourinho

    We are managing it very well and he is ready to start. "Now he's ready to start the game". In my career I was injured a lot of times and I have a bit experience about this.
    Rohingya refugees illegal, pose security threat, Centre tells SC

    Rohingya refugees illegal, pose security threat, Centre tells SC

    The matter is being heard by a bench headed by Chief Justice Dipak Misra with other two judges being Justices A.M. An estimated 40,000 Rohingyas are present across India including Jammu and Kashmir and Rajasthan states.
  • Trump echoes the call of Colombia's Santos to restore democracy in Venezuela

    Trump echoes the call of Colombia's Santos to restore democracy in Venezuela

    Saying the situation in Venezuela was "completely unacceptable", Trump called for a full restoration of democracy and political freedoms.

    Activists protest Pelosi at news conference on DREAM Act

    The Democratic leader was barely able to speak over the chorus of chants Monday, including shouts of "undocumented and unafraid". Pelosi was eventually forced to leave her event as protesters overtook the stage and continued chanting for over half an hour.
    Man arrested after scaring daughter with clown mask

    Man arrested after scaring daughter with clown mask

    The terrified 6-year-old then exited the vehicle and ran into someone else's apartment in an attempt to get away. It is not clear whether the man was under the influence when he chased his daughter around the neighbourhood.
  • FPL incorrectly tells customer her power was restored

    FPL incorrectly tells customer her power was restored

    Real estate researcher CoreLogic estimates flood and wind damage from Irma will run $42.5 billion to $65 billion. It is up to the property owners to take care of that debris, such as placing at the curb, McDermitt said.
    Dallas Cowboys Are World's Most Valuable Team!

    Dallas Cowboys Are World's Most Valuable Team!

    The team's value actually went up from previous year , but the bad news because we're the least valuable team in the league. The team rose in value by 16 percent thanks to the opening of Mercedes-Benz Stadium and the sponsorship dollars committed.
    Rampant Manchester United ruin Wayne Rooney's return

    Rampant Manchester United ruin Wayne Rooney's return

    Chelsea and Arsenal played out a goalless draw, and now we have Manchester United up against Everton . Wayne Rooney will return to Manchester United at some point in the future.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.