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Toshiba and Western Digital jointly operate chip fabrication facilities in Yokkaichi, Japan.
Business

Toshiba strikes deal with Bain consortium on memory unit sale

SK Hynix, Apple, others to chip in $18 billion to close deal

SHOTARO TANI, Nikkei staff writer | Japan

TOKYO -- Embattled Japanese conglomerate Toshiba has struck a 2 trillion yen ($18 billion) deal with a Japanese-American-South Korean consortium led by U.S. private equity firm Bain Capital to sell its flash memory unit, the company announced on Thursday.

The deal comes a week after Toshiba's board chose the Bain-led consortium as the preferred buyer, ending months of flip-flopping over its valued unit. Toshiba will hold an extraordinary shareholders meeting in late October to finalize approval.

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