Society

Toshiba to sell chip unit to Japan-U.S.-South Korea group

Sep 20 (Japan Today) - Toshiba Corp has decided to sell its chip unit to a Japan-U.S.-South Korean consortium for around 2.4 trillion yen ($21 billion) following months of talks involving other bidders, sources close to the matter said Wednesday.

After a board meeting, Toshiba made the final decision to sell Toshiba Memory Corp to the consortium that it had signed a memorandum with last week to speed up talks on the sale. Toshiba will negotiate exclusively with the group to quickly seal a deal.

The consortium led by U.S. fund Bain Capital includes Innovation Network Corp of Japan, the Development Bank of Japan and South Korean chipmaker SK Hynix Inc, while Apple Inc, Dell Inc and other U.S. technology companies have also joined the group.

Toshiba is rushing to sell Toshiba Memory to make up for the huge losses stemming from its now-bankrupt U.S. nuclear unit by next March and avoid reporting negative net worth for a second straight year that would see it face a forced delisting from the Tokyo Stock Exchange.

Source: ANNnewsCH

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