Chinese Authorities Give Toshiba Permission for Memory Chip Sale
Chinese Authorities Give Toshiba Permission for Memory Chip Sale. The sale of Toshiba’s memory chip can be completed, as the Chinese regulator permits the sale to a consortium around investor Bain Capital.
The acquisition of 2 trillion yen, converted more than 15 billion euros, was agreed in September.
That was on condition that a conflict between Toshiba and fellow player Western Digital was resolved. At the end of last year, they relinquished an agreement.
Toshiba put the profitable chip division on sale to improve the financial situation. Depreciation on the activities in the field of nuclear energy has deep holes in the company’s balance sheet. Moreover, the company still suffers from a massive accounting scandal.
The memory chip is sold to a group that also includes Apple, Seagate, SK Hynix and Hoya.