Toshiba to Sell Memory Chip Unit to Group Including SK Hynix

Toshiba said to have selected Bain-SK Hynix group to buy its memory business

The auction of the world's second-largest producer of NAND chips will rescue the embattled Toshiba Corp. from immediate delisting from the Tokyo Stock Exchange (TSE).

The Sankei Shimbun added Bain will get the biggest share of voting rights at 49.9 percent, followed by Toshiba's 40 percent, and 10.1 percent for the two other Japanese companies.

Toshiba Corp. will sell its prized chip unit to a Japan-U.S.

The deal includes a $3 billion by Apple and smaller commitments from Dell, Seagate, Kingston and the South Korean chipmaker SK Hynix.

After long weeks of negotiations, Japanese chip-maker Toshiba has agreed to sell its Toshiba Memory Corporation storage company for 2 trillion yen, or about $18 billion, down from the original 2.4 trillion offer. The company has been try to cope with billions of dollars in losses from its Westinghouse division, and chose to use its memory chip division to come up with new money.

Now, as the deal is approaching a close, Toshiba will have to deal with the legal issues with Western Digital.

Will Toshiba sign the dotted line to sell its memory chip unit?

USA firm Bain Capital's acquisition is backed by a consortium of domestic and foreign investors, most notably Apple, Seagate and Dell, which will both provide financial support, as well as Toshiba itself, which will reinvest 350.5 billion yen into the new company.

Toshiba has been trying to spin off its chip business to help mitigate its hefty debt woes and losses related to its now-bankrupt U.S. Westinghouse nuclear unit.

-South Korean syndicate with its joint venture partner Western Digital Corp. now out of the running, sources with knowledge of the matter said Wednesday.

A representative for Western Digital was not immediately available for comment.

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