6/1/2018, 8:50 AM (Source: TeleTrader)
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Toshiba closes $18B chip unit deal with Bain

Toshiba Corp. announced on Friday that all conditions for the sale of Toshiba Memory Corp. were met and the $18 billion transaction was completed today. The company's chip unit will be sold to K.K. Pangea, a special purpose company controlled by a consortium led by Bain Capital. Toshiba initially failed to get regulatory approval in March, but received it earlier this month.

According to the statement, the Japanese conglomerate also said it will reinvest ¥350.5 billion in Pangea. Around ¥109.6 will be invested in common stock and ¥240.9 in preferred stock, giving Toshiba a 40.2% stake in the company.

Breaking the News / DJ