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Toshiba set to sign chip unit sale

1046094
1046094

Tokyo: Toshiba was set to sign a deal shortly to sell its prized memory chip business to a consortium of US, South Korean and state-backed Japanese investors, a leading business daily said on Tuesday. The loss-hit conglomerate is to sign the deal in the next couple of days in a crucial step to raise money for its revival, the Nikkei newspaper said.


Toshiba has taken massive losses in its US nuclear operations that have raised doubts about the future of one of Japan’s best-known companies.


The firm said last week that it would hold exclusive talks with a consortium including the public-private Innovation Network Corp of Japan, the state-backed Development Bank of Japan, and US private equity fund Bain Capital. — AFP


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