Western Digital consortium makes bid for Toshiba’s memory chip business
Tokyo — A consortium that includes Western Digital is offering ¥1.9-trillion ($17.4bn) for Toshiba’s memory chip business, which the Japanese conglomerate is trying to sell to cover losses from its US nuclear business, sources said on Thursday. Western Digital is set to offer ¥150bn through convertible bonds and will not seek voting rights in the business, sources familiar with the deal said, requesting anonymity because the talks were confidential. The consortium also includes US private equity firm KKR as well as the state-backed Innovation Network Corp of Japan and Development Bank of Japan, all of which will offer ¥300bn each for the chip business, the sources said. Toshiba said it could not comment on discussions with potential suitors for the chips business. Western Digital said it could not immediately comment, while KKR declined to comment. Toshiba was truing to sell the chip business to Bain Capital, but an ongoing legal dispute with Western Digital was a hurdle to that dea...
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