The consortium led by Bain Capital, which recently agreed to buy Toshiba’s memory chip business, plan to offer launch an IPO around the unit within the next two to three years, Bloomberg reported, citing people familiar with the matter. The memory chip business was sold for JPY 2 trillion, an amount that may be reduced by the value of Toshiba's stakes in joint ventures with Western Digital, if it cannot reach a legal settlement with the latter.
Separately, Toshiba Electronic Devices & Storage Corporation (TDSC) said it is planning to establish the new Automotive Solutions Strategic Planning Division from 1 October, with the aim of expanding sales of automotive semiconductor by 50 percent over the four fiscal years to March 2021. Yoshiki Hayakashi will head the new division as its GM.
Finally, in another piece of news, Blackstone Group and Apollo Global Management have reportedly teamed up to bid on Toshiba’s bankrupt nuclear power unit Westinghouse Electric, with others also considering offers. That deal would help clean up Toshiba’s balance sheet.
