Toshiba picks US-led consortium for chip business sale | The Daily Star
12:00 AM, September 14, 2017 / LAST MODIFIED: 12:00 AM, September 14, 2017

Toshiba picks US-led consortium for chip business sale

Cash-strapped Japanese industrial giant Toshiba said Wednesday it had picked a consortium led by US investor Bain Capital as the leading candidate to buy its prized chip business in a deal reportedly worth some $18 billion.

The development was the latest twist in a long-running saga as Toshiba agonises between three groups of suitors for its lucrative chip business.

The Bain Capital-led group also includes state-backed Development Bank of Japan and the public-private Innovation Network Corp. of Japan as well as South Korean chipmaker SK Hynix.

Toshiba said its board of directors would continue talks with the Bain Capital-led group after it came up with a new proposal during the talks.

"The company will work to expedite the conclusion of a stock purchase agreement by the end of September," Toshiba said.

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