Author Topic: Toshiba Reaches Deal With Bain-Apple Group to Sell Chip Business  (Read 730 times)

Offline mozart123

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TOKYO ó Toshiba, the huge but struggling Japanese conglomerate, traded some of its size for financial security on Thursday by selling off most of its profitable microchip business.

It was not the way the company, which has long been accused of being bloated and directionless, had hoped to slim down.

Toshiba said it had signed a deal to sell 60 percent of the microchip unit, Toshiba Memory Corporation, to a group of international investors that includes Bain Capital and Apple. The deal, which followed months of tumultuous negotiations, will net Toshiba about $14 billion.

Toshiba has staked its future on the sale, with the proceeds earmarked to help repair the financial damage from a disastrous foray into nuclear power in the United States. The episode threatened to bankrupt the company, one of Japanís biggest and proudest.
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