BREAKING NEWS

BREAKING NEWS

Toshiba says seals $18 billion deal to sell chip unit to Bain Capital group

Now Reading:

Toshiba says seals $18 billion deal to sell chip unit to Bain Capital group

Text size Aa Aa

TOKYO (Reuters) – Japan’s Toshiba Corp said on Wednesday it has agreed to sell its prized semiconductor business to a group led by U.S. private equity firm Bain Capital LP, a key step in keeping the struggling Japanese conglomerate listed on the Tokyo exchange. Toshiba said in a nighttime announcement through the exchange it had signed a contract for the deal worth about 2 trillion yen ($18 billion) (£13.27 billion), the latest and perhaps final twist in a deal that only hours earlier had seen the company leading toward an agreement with its U.S. joint venture partner Western Digital Corp. The decision to sell the world’s No. 2 producer of NAND memory chips, first reported by Reuters on Wednesday, was made at a board meeting earlier in the day. Toshiba said the agreement assumed the deal would weather legal challenges raised by Western Digital. A Western Digital spokeswoman said the company did not have an immediate comment.

(Reporting by Makiko Yamazaki; Editing by William Mallard)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.