Toshiba Completes Sale of Memory Business to Bain Consortium

Toshiba Corporation of Tokyo, Japan, announced today that it’s completed the sale of its memory-chip business, Toshiba Memory Corporation, to a consortium led by Bain Capital for $18 billion (2 trillion, 300 million yen). However, after the sale was completed, Toshiba purchased approximately 40 percent of Toshiba Memory.

Toshiba had put Toshiba Memory – the world’s second-largest producer of NAND memory chips – up for sale last year as a result of billions of dollars massive overruns at its U.S. Westinghouse nuclear unit.

The Bain-led consortium includes Apple Inc., SK Hynix, Dell, Seagate Technology, and Kingston Technology.

As a result of the sale, Toshiba will record a profit of approximately 970.0 billion yen (before taxes) in its fiscal 2018 year financial results.

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