Toshiba announced a memorandum of understanding with a consortium led by Bain Capital to buy its memory chip business. The company said it aims to negotiate a definitive deal by the end of September.
The MoU is non-binding, so the company could still talk to others on the sale. Previously Toshiba said three candidates were in the running: Bain, which is working with Innovation Network Corp of Japan and the Development Bank of Japan; a consortium led by Western Digital; and a consortium including Hon Hai.
In June already Toshiba named the Bain consortium its preferred bidder, but the companies were unable to reach a final agreement. Bain has made a new proposal now, Toshiba said, but did not disclose details of the offer.
According to the company, the aim is to complete the sale "at the earliest possible date", in order to ensure investment in the chip business and positive equity for Toshiba group.
The Bain consortium is thought to include Toshiba customers such as Apple, Seagate Technology and Dell, people familiar with the matter told the Wall Street Journal. The group reportedly is offering more than USD 18 billion for the business. Other sources said chipmaker SK Hynix could also join the bid.
