Struggling Japanese electronics maker Toshiba says that it picked a government-led multinational consortium as the preferred bidder for the sale of its memory chip unit.
The company made the decision at a meeting of its board of directors on Wednesday.
The consortium includes the government-backed fund Innovation Network Corporation of Japan, the Development Bank of Japan, and American private equity firm Bain Capital. South Korean chip maker SK Hynix is also part of the team.
Toshiba released a statement saying the consortium offered the best proposal in terms of valuation, retention of employees and maintenance of sensitive technology within Japan.
Source: ANNnewsCH
