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Toshiba sells chip unit to Bain-led group for $18 bn, legal hurdles remain

Under the deal, Toshiba will hold 40.2% of voting rights in the chip unit and Hoya Corp will own 9.9%

Reuters  |  Tokyo 

Japan's Toshiba Corp said on Thursday it had signed an $18 billion deal to sell its chip unit to a consortium led by Bain Capital LP, overcoming a key - albeit not its last - hurdle as it scrambles for funds to stave off a potential delisting. The sale of the unit - the world's second biggest producer of NAND chips - was agreed last week after a tortuous auction process but the signing was delayed because consortium member Apple Inc demanded new terms on chip supply, sources familiar with the matter have said. The deal will see Toshiba reinvest in the unit and together ...

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First Published: Thu, September 28 2017. 14:40 IST