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Home>Toshiba reaches agreement to sell chip unit to Bain-Apple consortium for $17.7 billion

Toshiba reaches agreement to sell chip unit to Bain-Apple consortium for $17.7 billion

Toshiba reaches agreement to sell chip unit to Bain-Apple consortium for $17.7 billion

09/28/2017

By Takashi Mochizuki and Kosaku Narioka

TOKYO -- Toshiba Corp. said it reached a legally-binding agreement with a group led by U.S. private-equity firm Bain Capital LLC to sell its memory chip unit for Yen2 trillion ($17.7 billion).

On Thursday, Toshiba reached a deal with the group, which includes Apple Inc.(AAPL) , Dell Technologies Inc.(DVMT) Seagate Technology PLC (STX) Japan's Hoya Corp. (7741.TO) (7741.TO) and South Korea's SK Hynix Inc. (000660.SE). The unit will remain a Toshiba affiliate even after the deal's completion. Toshiba and Bain want to get the deal done by the end of March.

Read:Bain-Apple group sign letter of intent to buy Toshiba chip unit (http://www.marketwatch.com/story/bain-apple-group-sign-letter-of-intent-to-buy-toshiba-chip-unit-2017-09-13)

An expanded version of this story can be found at WSJ.com (https://www.wsj.com/articles/toshiba-signs-deal-to-sell-chip-unit-to-bain-apple-group-1506581351?mod=mktw)

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