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Business deals

How much is Toshiba worth? The answer depends on chip unit

Wildly diverging valuations of Kioxia complicate CVC's buyout offer

TOKYO -- As Toshiba weighs a takeover bid by CVC Capital Partners estimated to be worth more than $20 billion, much depends on the value of the Japanese industrial group's former crown jewel: memory chips.

Analyst estimates of the market capitalization of unlisted Kioxia Holdings -- a spinoff formerly known as Toshiba Memory -- range from roughly 1.2 trillion yen ($11 billion) to 2.6 trillion yen. That means Toshiba's 40% stake could be worth anything from 500 billion yen to twice as much.

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