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Toshiba shareholders arrive for an extraordinary meeting in Chiba, near Tokyo, on Oct 24 to vote on the proposed sale of the company's memory unit. (Photo by Kosaku Mimura)
Business

Toshiba shareholders approve $17.5bn memory unit sale

But the company's legal and strategy challenges mean an uncertain future

KENTARO IWAMOTO, Nikkei staff writer | South Korea

TOKYO -- Toshiba shareholders, at an extraordinary meeting on Tuesday, approved the company's proposed sale of its flash memory subsidiary, Toshiba Memory, to a consortium led by Bain Capital for 2 trillion yen ($17.5 billion).

The deal is aimed at cutting massive debts at the Japanese conglomerate brought on by losses at its U.S. nuclear business. As of July 31, Toshiba's shareholder equity stood at minus 552 billion yen.

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