Toshiba pushes ahead with sale of memory chips unit
Tokyo — Toshiba is aiming to finalise at a board meeting on Wednesday a deal to sell its memory chips business to a group led by Bain Capital, despite opposition from partner Western Digital, according to people familiar with the matter. Toshiba’s effort faced resistance because the Bain group now included several Western Digital competitors including Seagate Technology, Kingston Technology and SK Hynix, said the people, asking not to be identified because the matter is not public. Western Digital partnered with KKR & Co to try to buy the chips business, but Toshiba opted for the Bain bid last week, signing a memorandum of understanding as they work towards a final agreement. Toshiba has been in talks for months to sell its chips business and pay for a disastrous move into the US nuclear sector. It needs to raise the money by March to avoid a delisting from the Tokyo Stock Exchange. The auction has been complicated by legal action from Western Digital, which argued it should have ve...
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