Bain seeks $7 bn from Apple

Bain Capital is seeking more financial support from Apple as it tries to seal its acquisition of Toshiba’s memory chips business, according to a person familiar with the matter. The US buyout firm is now asking the iPhone maker for about $7 billion in capital, up from a previous agreement for about $3 billion, said the person, who asked not to be identified because the matter is private. The revised proposal would include about $1 billion for equity and $6 billion in debt, the person said, a part of a total bid of roughly $19 billion. Apple representatives did not immediately respond to requests for comment.

Toshiba’s board is meeting Wednesday in Tokyo to sort through competing offers for its memory chips unit, the most valuable asset at the Japanese conglomerate. Bain is competing against a group that includes KKR and two state-backed funds, Innovation Network of Japan and Development Bank of Japan.