Apple backs Bain Capital in Toshiba chip unit acquisition

Apple Inc. (AAPL) Reportedly Holding Up Toshiba Chip Unit Deal

Shortly thereafter, the American company put in another arbitration request to prevent Toshiba from investing unilaterally in production equipment at their joint venture chip fabrication facilities in the Japanese city of Yokkaichi. Toshiba memory by the Korea-US-Japan Consortium which includes SK Hynix will pay 2 trillion yen (US$17.7 billion) for the acquisition of the Toshiba Memory and SK Hynix will fork over 395 billion yen (US$3.5 billion). The consortium including SK Hynix and Bain Capital, Toshiba and Hoya have 49.9%, 40.2% and 9.9% equities in voting rights, respectively.

Toshiba's board agreed last week to sell the unit, the world's second biggest producer of NAND chips, to the Bain group although a formal signing has been delayed, with sources saying they did not expect it to be signed on Wednesday. These companies will invest in the form of non-convertible preferred shares, according to Reuters.

SK Hynix is part of a group led by Bain Capital Private Equity that includes several Japanese and US companies such as Apple, Dell, Kingston Technology and Seagate Technology. In addition, forming the strategic consortium with multinational corporations may bring SK Hynix an opportunity to cooperate with companies that will lead the fourth industrial revolution.

Even if Toshiba manages to sign the deal with the Bain group imminently, it is still cutting it fine as regulatory reviews often take six months.

Meanwhile, Chey Tae-won, chairman of the SK Group, embarked on a business trip to Japan with Park Jung-ho, president of SK Telecom on the day.

The consortium and Toshiba plan to finalize the deal by March 2018, SK hynix said.

But it will likely take at least a year for arbitrators to reach a final decision on the dispute.

Should the injunction be granted, Toshiba would be unable to unload its memory unit during the arbitration process.

It claims that its manufacturing joint venture agreement with Toshiba Memory Corporation - acquired via its $16bn acquisition previous year of SanDisk - gives it a right of veto over any sale of the company, a claim that Toshiba rejects.

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