Toshiba picks Bain consortium as memory chip buyer in $22 billion deal

Toshiba Corp is seen on a printed circuit board in this

The chip business is responsible for Toshiba's wide array of memory solutions, which include its latest high-efficient 3D NAND technology which has high use cases in modern smartphones, servers, and other major devices.

Although Toshiba is likely looking forward to finally completing its sale, there is one company still unhappy about the deal: hard drive maker Western Digital Corp.

Sources close to the matter said that some investors were in favor of Western Digital's revised offer, but others said they couldn't trust the US firm following a legal spat between the two companies over the sale of the chip unit.

The consortium, led by Bain, was outlined as the preferential bidder earlier this year, but delays from lawsuits, government and corporate decisions had led to the delay of the sale.

Toshiba planned to conclude a deal on the sale of the unit, Toshiba Memory Corp., within the day and make an announcement later, according to the sources.

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Two Japanese state-backed financial institutions - the Innovation Network Corporation of Japan and the Development Bank of Japan - will join as investors once Toshiba and the winning consortium have settled legal differences over a joint venture with Western Digital.

But one of sources speaking on Wednesday said Toshiba and Western Digital had failed to agree on limits to the US firm's future stake in the chip business that had been demanded by the Japanese company. Similarly, a bid led by equity group KKR and Western Digital did not progress. Under the agreement, Bain, Toshiba, SK Hynix Inc. and Japan's Hoya Corp. will pay about 960 billion yen for common and convertible stock, while Apple, Dell, Kingston Technology Co. and Seagate Technology Plc will spend about 440 billion yen for convertible and non-convertible preferred stock, the person said.

The agreement comes a week after Toshiba said it had signed a non-binding "memorandum of understanding" with Bain, with both sides aiming to reach a deal by the end of September.

Bain Group revised its offer, by seeking financial support from Apple.

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