Bain-Apple Group Sign Letter of Intent to Buy Toshiba's Chip Business
September 13 2017 - 01:59AM
Dow Jones News
By Dana Mattioli
A group including private-equity firm Bain Capital and
technology giant Apple Inc. signed a letter of intent to buy
Toshiba Corp.'s chip business for more than $18 billion, according
to people familiar with the matter.
An agreement with the group, which also includes Seagate
Technology PLC and Dell Inc., could be announced later Wednesday in
Japan, the people said. It is unclear who else may be in the group
and its membership could still change.
The agreement would be the latest twist in a contentious sale
process that is likely far from over.
Toshiba is seeking to unload the chip unit as part of a survival
plan in the wake of huge losses at its U.S. nuclear unit
Westinghouse Electric Co., which filed for bankruptcy earlier this
year. The Tokyo company has said its plan centers around selling
the profitable semiconductor unit, which makes NAND flash-memory
chips used for data storage in smartphones, computers and other
electronics products.
Write to Dana Mattioli at dana.mattioli@wsj.com
(END) Dow Jones Newswires
September 13, 2017 01:44 ET (05:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Seagate Technology (NASDAQ:STX)
Historical Stock Chart
From Feb 2024 to Mar 2024
Seagate Technology (NASDAQ:STX)
Historical Stock Chart
From Mar 2023 to Mar 2024