Toshiba finally choose buyer for prized memory chip business

The logo of Toshiba Corp is seen at the company's facility in Kawasaki south of Tokyo Japan

Amid ongoing financial woes, the embattled Japanese company has been seeking to sell off its prized memory chip business to one of three groups of bidders.

Two Japanese state-backed financial institutions - the Innovation Network Corporation of Japan and the Development Bank of Japan - will join as investors once Toshiba and the winning consortium have settled legal differences over a joint venture with Western Digital.

Japan's embattled Toshiba Corp 6502.T has selected a group led by USA private equity firm Bain Capital to buy its prized memory chip unit, three people with knowledge of the talks said on Wednesday. A Western Digital spokesman declined comment. Toshiba even filed a $1 billion lawsuit against Western Digital in retaliation for its attempts to prevent the deal from going through without its approval.

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The Bain-led group was identified as a preferred bidder nearly three months ago, but the process has been delayed by lawsuits, government opposition and corporate indecision. The people declined to be identified as they were not authorized to speak on the matter.

Toshiba's board agreed to the Bain proposal at a meeting Wednesday. Today a Korean news site is claiming that Toshiba has picked the Bain, Sk Hynix and Apple group to sell its memory unit to.

The decision came after Toshiba earlier in the month signed a memorandum of understanding to continue talks to sell its chip business to the multi-national syndicate, which includes private equity firm Bain Capital.

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The consortium has put forward an acquisition offer of some ¥2.4 trillion, including funds for equipment investment.

While $18 billion is a lot, tech manufacturing giant Foxconn was reportedly offering as much as $28 billion with the support of heavyweights like Amazon and Apple.

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