Toshiba Memory has announced that it will officially change its name to Kioxia on 1 October. The name Kioxia (kee-ox-ee-uh) will be adopted for the names of all Toshiba Memory companies, largely effective on the same date. Kioxia is a combination of the Japanese word ‘kioku’ meaning “memory” and the Greek word ‘axia’ meaning “value”, the company also said.
Toshiba Memory, bought by Bain Capital in 2018, has recently announced plans to buy out the preferred shares held in the company by Apple, Dell, Kingston Technology and Seagate Technology for over 4 USD. Industry sources estimate the deal at over USD 4 billion. The transaction will come under a refinancing plan worth JPY 1.3 trillion, or USD 11.8 billion, from Japanese banks. The money will go towards buying back the shares and simplifying the capital structure. This will make it easier for Toshiba Memory to list itself, the sources added. The Japanese banks working on the refinancing plan include government-owned Development Bank of Japan, set to buy JPY 300 billion worth of shares and debt.
