Toshiba finally seals sale of chip unit to Bain, with Apple on board
Tokyo — Toshiba has signed a final agreement to sell its flash memory chip business to a group led by Bain Capital for about ¥2-trillion ($18bn), moving a step closer to completing the deal after months of contentious negotiations. The Bain consortium includes major technology players Apple, Dell, SK Hynix and Japan’s Hoya, while Toshiba itself will maintain a stake, the company said on Thursday. The total value of the transaction may change depending on capital expenditures. The deal is aimed at keeping control of the important business in Japan, while securing the funding needed to help Toshiba repair its damaged balance sheet. Toshiba is selling off its chips business to pay for billions of dollars in losses in its US nuclear business. The company needs to raise the money by March to avoid seeing its shares delisted from the Tokyo Stock Exchange. It expects the deal to close by March 31 and aims to regain positive net worth by the end of the fiscal year, according to a statement....
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