Published: Fri, May 18, 2018
People | By Leon Thompson

China Approves Toshiba's $18 Billion Sale of Its Memory-Chip Unit

China Approves Toshiba's $18 Billion Sale of Its Memory-Chip Unit

China's approval was needed because the country is the biggest market for chips.

China has approved the sale to a group led by Bain Capital, the person said, asking to not be identified ahead of an announcement.

China's approval is the last hurdle in the Toshiba's sale to Bain Capital and prolonged review of the sale has raised speculation that Toshiba might decide to go for alternative options like IPO and abandon the deal.

"The parties will now take necessary procedures to close the transaction, which is currently expected to occur on June 1, 2018", Toshiba revealed today (PDF).

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The approval of the Toshiba deal came just days after the White House appeared to make its own peace offering to Beijing.

Bain's consortium includes South Korean chipmaker SK Hynix, Apple.

The deal will see Toshiba reinvest in the unit and together with Hoya Corp, a maker of parts for chip devices, Japanese firms will hold more than 50 per cent of the business - a keen wish of the Japanese government. The company boosted its capital with a 410 billion yen nuclear asset sale and 600 billion yen of new stock in December.

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