Toshiba to conclude chip unit deal soon

September 15, 2017

TOKYO- Toshiba Corp. said Thursday it aims to conclude a contract on the sale of its flash memory unit as early as Wednesday.

The Japanese electronics and machinery maker explained the plan during a meeting with its main creditor banks, including Sumitomo Mitsui Banking Corp. and Mizuho Bank.

Toshiba's board is scheduled to meet on Wednesday.

On Wednesday, Toshiba signed a memorandum of understanding with a consortium led by US private equity firm Bain Capital to accelerate talks to conclude a contract on the sale of the chip unit by late September.

The consortium also includes Innovation Network Corp. of Japan, a government-backed investment fund, the government-affiliated Development Bank of Japan and South Korean chipmaker SK Hynix Inc. Jiji Press