Toshiba said yes to the Bain-Capital-backed bunch – reports
The question is... will Western Dig give the OK?
Posted in Business, 20th September 2017 09:27 GMT
Struggling Toshiba has picked a group led by the investment firm Bain Capital to buy its memory chip business, Reuters reports.
The Bain group includes SK Hynix, a chipmaker based in South Korea, Apple, Dell and other US tech firms, and they've pitched an offer of about ¥2.1 trillion ($22 billion).
"At this point, we cannot return a request for comment on the deal, regretfully," a spokesperson for SK Hynix told The Register.
Toshiba is eager to sell its share of its NAND flash chip joint venture with WDC due to losses from its nuclear power station work in the US. But it's locked in a long legal row with WDC, which is arguing it has veto power.
According to Reuters, late Tuesday Toshiba was leaning toward selling to a Western-Digital backed group, but changed its mind as WDC wouldn't agree to limits on a future stake. According to multiple reports, Toshiba's board made the decision to sell to the Bain Group today.
Toshiba, Bain Capital, Apple and Dell have not responded to a request for comment. Western Digital, which according to Reuters is going to seek a court injunction, declined to comment. ®