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Business deals

Toshiba Memory plans $5bn share buyback ahead of IPO

Chipmaker to use bank loans to repurchase shares from Apple and others

Toshiba Memory is preparing for an IPO by March 2020.   © Reuters

TOKYO -- Key semiconductor maker Toshiba Memory will buy back 38% of its preferred stock from investors including Apple and Dell for 530 billion yen ($4.7 billion) as part of preparations for an initial public offering by March next year, the Nikkei has learned.

The chipmaker plans to fund the purchase by borrowing a total of 1 trillion yen from Japanese banks. The move will pave its way for a stock listing within fiscal 2019 that ends March 31.

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