Technology Stocks : Wennerstrom Semi Equipment Analysis
SOXX 190.65+0.7%1:14 PM EDTNews

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
From: Sr K9/13/2017 6:30:41 AM
1 Recommendation

Recommended By
Return to Sender

  Read Replies (1) of 80269
Toshiba Agrees to Sell Chip Business to Bain, Apple Consortium for $18 Billion

By Adam Routh

Sept. 13, 2017 2:18 a.m. ET

A consortium including private-equity firm Bain Capital and technology giant Apple have signed a letter of intent to buy Toshiba's NAND memory-chip manufacturing unit for more than $18 billion, according to the Wall Street Journal.

The agreement could be announced later Wednesday in Japan, according to the report citing people familiar with the matter. The consortium also includes Seagate Technology and Dell, the report noted.

The news comes after it was reported last week that Apple had threatened to stop buying NAND flash chips from Western Digital (WDC) if Western takes control of Toshiba's chip operations. Western, which has for months been taking Toshiba to court over Toshiba’s proposed sale of the NAND factory it owns, had been presumed to be the strongest bidder in the running for the factory. Other potential suitors include Taiwan's Hon Hai Precision (Foxconn), but it faced an uphill battle as the Japanese government would prefer to choose a bidder with fewer ties to China.

Toshiba is selling its memory-chip division to help cover big losses at U.S. nuclear business Westinghouse, which filed for bankruptcy in March. Toshiba’s liabilities exceeded assets by nearly $5 billion as of June 30.

Shares in Toshiba were recently trading 1.2% up at JPY334 a share and ,despite its difficulties, have gained 18% so far this year.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

Copyright © 1995-2018 Knight Sac Media. All rights reserved.Stock quotes are delayed at least 15 minutes - See Terms of Use.