Board of Directors have decided to sell Toshiba Memory Corporation to a group of investors.
According to Wirth Consulting, the investors consist of Innovation Corporation of Japan, Bain Capital Private Equity, and the Development Bank of Japan. It is said that Apple and Foxconn were also interested in the acquisition, but Toshiba did not see them as correct fits.
The sale is expected to be finalized by March 2018. However, Wirth Consulting suggests that the deal will not be completed until a relevant dispute is resolved. Previously, Western Digital, Toshiba’s manufacturing partner, filed a lawsuit against Toshiba, attempting to halt the sale of the memory-chip business.
To help cover billions of dollars of losses from its now-bankrupted U.S. Nuclear Unit Westinghouse Electric, Toshiba separated its memory chip business in April 2017 as a wholly owned subsidiary.