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Toshiba's negotiations with business partner Western Digital stalled over the chipmaker's equity stake in Toshiba Memory. (Photo by Takuya Imai)

Toshiba picks Bain Capital as preferred memory unit buyer

Japanese company aims to seal agreement 'soon,' as clock ticks on sale

| Japan

TOKYO -- Toshiba has chosen a consortium led by U.S. investment fund Bain Capital as the preferred buyer for its memory unit, marking an important step in the conglomerate's quest for survival.

The decision was reached at a Toshiba board meeting on Wednesday. The Japanese conglomerate said in a statement that it will try to reach a final agreement with the group "soon," and sell the prized unit before March 2018.

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