Deals
Toshiba Inks $18 Billion Deal to Sell Chip Arm to Bain Group
- Final deal marks another step toward fixing its balance sheet
- Bain consortium includes Apple, Dell, Hynix and Seagate
Toshiba Inks Deal to Sell Chip Unit
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Toshiba Corp. signed a final agreement to sell its flash memory chip business to a group led by Bain Capital for about 2 trillion yen ($18 billion), moving a step closer to completing the deal after months of contentious negotiations.
The Bain consortium includes major technology players Apple Inc., Dell Inc., SK Hynix Inc. and Japan’s Hoya Corp., while Toshiba itself will maintain a stake, the company said in a statement Thursday. The total value of the transaction may change depending on capital expenditures. The deal is aimed at keeping control of an important business in Japan, while securing the funding needed to help Toshiba repair its damaged balance sheet.