10/5/2017, 11:35 AM (Source: TeleTrader)
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Bain sees IPO for Toshiba unit within three years

After signing a binding deal in September to take over Toshiba Corp.'s NAND flash drive division for ¥2 trillion ($18 billion), Bain Capital Private Equity revealed it hopes to settle the dispute with Western Digital Corp. The fate of the joint venture needs to be determined fast, the private equity firm's Japan chief Yuji Sugimoto said on Thursday. Speaking to the press in the capital city, he added the entity is planned for flotation on the Tokyo Stock Exchange in up to three years.

Partners may develop differences, he said of the arbitration push by the United States–based semiconductor giant. Western Digital is still important for the chipmaker, Sugimoto added.

Jobs at the acquired firm will be preserved, he vowed and stressed cash flow will be directed to investment. Bain Capital LP's official noted the deal is expected to close by the end of March. He also highlighted the participation of Apple Inc. in the consortium as a major customer, together with Dell Technologies Inc. Other partners include SK Hynix Inc. and Hoya Corp. Sugimoto stressed the company sees Samsung Electronics Co. Ltd. as a major competitor.

Breaking the News / IT