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Toshiba selects Japan govt-led group as preferred bidder for chip business
June 21, 2017 / 3:21 AM / 5 months ago

Toshiba selects Japan govt-led group as preferred bidder for chip business

TOKYO (Reuters) - Toshiba Corp said its board has chosen a Japanese government-led consortium as the preferred bidder for the conglomerate’s prized flash memory chip business.

FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo

The group consists of a state-backed fund, the Innovation Network Corp of Japan (INCJ), the Development Bank of Japan (DBJ), as well as U.S. private equity firm Bain Capital.

South Korean chipmaker SK Hynix Inc and the core banking unit of the Mitsubishi UFJ Financial Group Inc are set to provide financing, sources familiar with the matter have said.

Toshiba said it wants to reach a definitive agreement by June 28, the day of its annual shareholders meeting.

Reporting by Makiko Yamazaki; Editing by Edwina Gibbs

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