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Toshiba to Sell Memory Chip Unit to Group Including SK Hynix
21 September 2017, 12:33 | Eugene Bates
Toshiba to sell chip unit to Japan-US-South Korea group
The consortium includes U.S. fund Bain Capital, Development Bank of Japan and SK hynix.
California-based Western Digital made key concessions to assure Toshiba it wouldn't seek future control of the chip business, addressing antitrust concerns and turning the tide away from the bid led by US private equity firm Bain Capital LP and SK Hynix Inc 000660.KS , said the sources, who asked not to be named as the discussions are private. The deal is costing US$18 billion and Toshiba expects to complete the process by March 31, 2018.
The consortium, led by Bain, was outlined as the preferential bidder earlier this year, but delays from lawsuits, government and corporate decisions had led to the delay of the sale.
Toshiba quickly hit back at its joint venture partner, saying that "Western Digital persistently overstates its limited consent rights in public statements".
"The large number of stakeholders could complicate decision-making and slow down key investment decisions", he said, adding that the participation of Toshiba clients would also sap the ability of the chips business to negotiate competitively on pricing. Prior to Bain's acquisition, Western Digital had caused legal issues against Toshiba, and Toshibasued for more than $1 billion in interfering with the auction.
A representative for Western Digital was not immediately available for comment.
If it remains ongoing by the date of the deal's closure, three joint ventures worth less than 5 percent of the unit will not be included in the Bain sale. In fact, Toshiba board members were not even present during the proposal.
Sources familiar with the matter say that Bain will be financially backed up by major companies such as SK Hynix Inc, Apple Inc., Dell Inc., Kingston Technology, and Seagate Technology, to raise its bid.
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