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5/17, 3:58 PM (Source: TeleTrader.com)
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Toshiba gets regulatory approval in Bain deal

Toshiba Corp. said on Thursday that it received all required anti-trust approvals related to the sale of its memory card unit Toshiba Memory Corporation to Bain Capital Private Equity LP. The Japanese company said the transaction is expected to occur on June 1, with the sale being completed by the end of Toshiba's first fiscal quarter of this year.

Toshiba previously failed to obtain approval in March, causing it to miss its stipulated deadline. The agreement was first announced in September last year, following eight months of negotiations and was valued at $18 billion. Under the terms of the deal, Bain Capital would take over the chip unit through a special purpose firm, KK Pangea.

Breaking the News / DJ