China Okays Toshiba's USD18 Billion Sale Of Memory-Chip Unit

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In September 2017, Toshiba signed a deal to sell Toshiba Memory to KK Pangea, a special objective acquisition company formed by a Bain Capital Private Equity-led consortium, for about JPY2 trillion (US$18 billion).

Korean chipmaker SK hynix welcomed the recent regulatory approval from Chinese antitrust authorities for the acquisition of Japanese chipmaker Toshiba's memory chip business unit, confirming the deal will likely be concluded next month.

For those who came in late, Toshiba has been trying to flog off Toshiba Memory to pay for a disasterous deal where it bought a USA nuclear power company Westinghouse.

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Toshiba said in a brief statement that it expects the deal to be completed on June 1. "The parties today confirmed that all required antitrust approvals have been granted, and that all conditions for the closing of the transaction are now satisfied", Toshiba added.

The purchase has already been approved by the governments of South Korea, the U.S., Japan, Brazil, the Philippines, Taiwan and the European Union. Toshiba Memory Corp. has its own flash storage business that is increasingly pushing into data center markets, threatening Toshiba's own traditional hard drive operations.