WDC being a real Bain in the butt as it tries to bar Toshiba memory sale

Winning consortium wants IPO for flash unit in three years

Toshiba Memory Business bid winner Bain Capital is hoping to settle with WDC and float the purchased unit in three years.

A Bain-led consortium agreed to buy the biz for $18bn last week. Rival and losing bidder WDC has intensified its legal action in the International Arbitration Court aimed at blocking the deal and, if that succeeds, Bain's bid could be bust.

According to AP and Reuters, the Bain bunch want to reach a speedy settlement with WDC. So said Yuji Sugimoto, who runs Bain Capital in Japan. Blockers to this include the participation of WDC competitors Seagate and SK Hynix in the consortium.

Their roles will have to be moderated in some way, we think, as part of any Bain-WDC settlement that gets WDC's legal activities stopped.

Sugimoto said that Bain wants to list the acquired memory business, being bought through a special-purpose company called Pangea, by the end of 2020.

Bain has applied to the Chinese government for regulatory approval of the deal. ®

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