Toshiba selects preferred bidder for memory chip unit sale

Having put its memory-chip business on sale a few months ago, Japanese giant Toshiba said today that it has selected the consortium of Innovation Network Corporation of Japan, Bain Capital Private Equity and Development Bank of Japan as its preferred bidder.

According to DigiTimes, the aforementioned government-led consortium has presented the best proposal in terms of valuation, certainty of closing, retention of employees and maintenance of sensitive technology within Japan.

The definite agreement should be confirmed on June 28, when the consortium is scheduled to hold its shareholder meeting. The transaction, subject to customary closing conditions and regulatory approval, should close by March 2018.

Toshiba’s memory semiconductor business was split from the parent company on April 1, 2017 as a wholly-owned subsidiary. Toshiba is among Apple’s key suppliers of flash memory chips.