Toshiba agreed to sell its memory-chip unit to a consortium led by Bain Capital for about 2 trillion yen ($18 billion), the Japanese electronics group said on September 20.
The decision to sell the world's No. 2 producer of NAND memory chips was made at a board meeting earlier yesterday.
The chipmaker said it had been negotiating with three potential groups to sell its memory business.
SK Hynix is South Korea's second largest chipmaker, after Samsung Electronics, and also ranks second in terms of sales in the global DRAM market.
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. A number of major tech companies showed an interest in the deal, including Foxconn and Apple Inc., and Toshiba ultimately decided on a consortium of that included several businesses that use its chips in their products.
Toshiba Corp has chose to sell its chip unit to a Japan-U.S.
Toshiba and the Bain-led consortium on Sept. 13 signed a memorandum of understanding to speed up their negotiations, with a view to reaching a deal by late September. This followed Toshiba's admission in 2015 that it had inflated its earnings by $1.2 billion over seven years-a scandal that company investigators connected in part to Westinghouse nuclear-project managers, who they said had disguised faltering revenues and cost overruns, The New YorkTimes reported at the time.
A representative for Western Digital was not immediately available for comment.
The sale of the Toshiba memory chip unit should remove the looming threat. The Bain group includes other companies such as SK Hynix, Dell, and others.
Western Digital already has a partnership with Toshiba's memory chip business and wants to have a say in what happens with the division.
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