Toshiba’s chip sale to consortium wins regulatory approval
TOKYO — Japanese electronics company Toshiba Corp. said Thursday the sale of its computer memory chip business to a consortium led by Bain Capital Private Equity has cleared all anti-trust regulatory approval, including one it was awaiting from China.
That means the deal, valued at 2 trillion yen ($18 billion), can now close by June 1, Tokyo-based Toshiba said.
Toshiba, which also has railroad and nuclear energy units, was counting on the deal for a turnaround.
Its U.S. nuclear operations at Westinghouse Electric Co. filed for bankruptcy last year. Toshiba’s massive red ink in recent years began with reactors it has been building in the U.S. which are still unfinished, partly because of beefed-up safety regulations following the 2011 Fukushima nuclear disaster in northeastern Japan.