SK Hynix gets go-ahead to join Bain group that plans to buy Toshiba chip unit
Seoul — South Korea’s SK Hynix said on Wednesday its board had approved its participation in a Bain Capital-led consortium that plans to purchase Toshiba’s memory chip unit for ¥2-trillion ($17.7bn). SK Hynix said in a statement it would invest ¥395bn, part of which would be in convertible bonds that could allow it to take an equity stake of up to 15% in the future. Toshiba’s board agreed last week to sell the unit, the world’s second biggest producer of NAND chips, to the Bain group. However, the signing had been delayed because consortium member Apple demanded new terms on chip supply in return for funding, sources familiar with the matter have said. A Toshiba spokesman said the firm was aiming for a signed deal as soon as possible. One person with knowledge of the deal, who declined to be identified due to the sensitivity of the matter, said that he did not expect the deal to be signed on Wednesday. The Bain-led consortium would hold 49.9% of the voting rights in the chip unit, w...
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