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Business deals

Japan and US wrestle over Kioxia and future of chip security

Allies united in need to counter China, but not on the details

Since an initial public offering plan was derailed by U.S.-China trade tensions, new options for former Toshiba memory unit Kioxia Holdings have emerged, including a merger with Western Digital.

TOKYO/WASHINGTON -- On Friday, former Toshiba memory unit Kioxia Holdings held an online board meeting connecting with executives in the U.S. The plan was to kick start a process toward an initial public offering and approve an application to the Tokyo Stock Exchange. That item was taken off the agenda.

The IPO was approved by the TSE in 2020 but the plan was derailed by U.S.-China trade tensions, which hurt earnings. Since then, new options have emerged, including a merger with Western Digital.

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