Memory sale leaves a hollowed-out Toshiba

Memory sale leaves a hollowed-out Toshiba

Memory sale leaves a hollowed-out Toshiba

A number of major tech companies showed an interest in the deal, including Foxconn and Apple Inc., and Toshiba ultimately decided on a consortium of that included several businesses that use its chips in their products.

Toshiba said it hoped to sign a final agreement "soon" in hopes of closing the sale by the end of its fiscal year in March. Toshiba has agreed to sell the business to a group of buyers led by Bain Capital instead of the Western Digital helmed consortium.

The Bain-led group was identified as a preferred bidder nearly three months ago, but the process has been delayed by lawsuits, government opposition and corporate indecision.

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Toshiba board members are to meet Wednesday, but it was unclear whether they could reach any decision, after saying last Wednesday the company was accelerating talks with the Hynix group.

As Toshiba nears the completion of its deal, Western Digital said it remains confident that the ICC International Court of Arbitration will rule in its favor in its case against Toshiba. The transaction includes Toshiba's $3.1 billion investment in the unit, as well as stakes from Apple Inc.

As Toshiba seems to have finally chose to sell its chip-making unit to a group including SK Hynix, attention is being paid to the motivation behind the South Korean chipmaker's months-long battle to reach a deal with the Japanese conglomerate's troubled memory business. Today a Korean news site is claiming that Toshiba has picked the Bain, Sk Hynix and Apple group to sell its memory unit to. But the MOU didn't preclude Toshiba from continuing to negotiate with other bidders. Under the revised proposal, Toshiba could buy back equity from INCJ and DBJ later, the people said. Apple, Dell and other U.S. tech firms have also reportedly joined the consortium.

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