Toshiba receives China antitrust approval to sell memory unit
18 May, 2018, 12:40 | Author: Wade Massey
The deal was agreed between buyer and seller previous year, with Bain taking a 49.9% stake and Toshiba retaining 40.2%.
There were fears that the deal would not go ahead as it is taking place during trade tension between China and United States. Xi Jinping confidante Liu He is now in Washington to discuss the trade dispute.
For those who came in late, Toshiba has been trying to flog off Toshiba Memory to pay for a disasterous deal where it bought a USA nuclear power company Westinghouse.
"The parties will now take necessary procedures to close the transaction, which is currently expected to occur on June 1, 2018", the press release reads on.
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The approval should lay to rest rumours circulating recently that Toshiba would welcome a rejection by anti-trust authorities, having solved its financial difficulties with a fresh injection of funds, while Toshiba Memory is arguably worth even more today following the spike in memory chip and NAND flash prices. A representative for Bain was not immediately available for comment. US telecoms firm Qualcomm is now battling for Chinese approval to buy out NXP semiconductors for $44 billion. Sources with knowledge of the matter told Reuters on Tuesday that there had yet to be any concrete breakthrough in China.
South Korea's chipmaker SK Hynix, one of the investors, welcomed the approval, after receiving a related notification from US private equity firm Bain Capital, which is leading the investors' group.
It already had the green light from Korean, U.S., Japanese and European authorities, but awaited approval from China.
If approval had not been granted, Toshiba had the option of walking away.
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