Toshiba sells chip unit to Bain Capital for $18bn

Toshiba has finally confirmed it will be selling its troubled chip unit to Bain Capital in a deal worth $18 billion. As revealed by Reuters, the deal, the equivalent to two trillion yen, brings an end to a prolonged bidding process which has lasted around eight months, and seen Toshiba flirt with a number of major organizations as it looked to offload its memory chip division. US firm Bain Capital's acquisition is backed by a consortium of domestic and foreign investors, most notably Apple, Seagate and Dell, which will both provide financial support, as well as Toshiba itself, which will reinvest 350.5 billion… [Continue Reading]