3/30/2018, 12:51 PM (Source: TeleTrader)
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Toshiba to miss deadline for chip unit sale to Bain

Toshiba Corp. revealed on Friday that it failed to obtain clearance from Chinese regulators for the sale of its flash memory division to a consortium led by Bain Capital Private Equity LP. The electronics producer clarified it still aims to close the $18 billion transaction as soon as possible, but pushed back the estimated date to April at the earliest.

The delay in the deal with for the NAND unit means the stipulated deadline, expiring at the end of this month, will be missed, opening the possibility for the ailing Japanese company to abandon the sale or initiate a renegotiation.

Bain Capital Investors Llc would assume control of the target entity through special purpose firm KK Pangea. Toshiba Memory Corp. has a minority stake owned by SanDisk Corp., a subsidiary of Western Digital Corp, which has disputed the agreement.

Breaking the News / IT