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Toshiba to decide on sale of its chips business to government-led consortium: NHK
June 20, 2017 / 12:10 PM / 6 months ago

Toshiba to decide on sale of its chips business to government-led consortium: NHK

TOKYO (Reuters) - Embattled Toshiba Corp (6502.T) will pick a Japanese government-led group of Japanese, U.S. and South Korean firms and funds to buy the conglomerate’s semiconductor business, public broadcaster NHK said on Tuesday.

FILE PHOTO - A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo

The group includes the state-backed fund Innovation Network Corp of Japan, the government’s Development Bank of Japan, and U.S. private equity firm Bain Capital, sources have told Reuters.

South Korean chipmaker SK Hynix Inc (000660.KS) and the core banking unit of the Mitsubishi UFJ Financial Group Inc (8306.T) are to provide financing under the consortium’s proposal, they said.

NHK said Toshiba, which needs to sell the prized chips unit to cover billions of dollars of losses from its now-bankrupt U.S. nuclear unit, is in the final stages of deciding on the group as preferred bidder.

Toshiba could not immediately be reached outside business hours. 

Reporting by Makiko Yamazaki and Taiga Uranaka; Writing by William Mallard; Editing by Robert Birsel and Nick Macfie

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