Toshiba signs memorandum to accelerate chip sale talks with Bain group

TOKYO – 13 September 2017: Toshiba Corp (6502.T) said on Wednesday it has signed a memorandum to accelerate talks to sell its memory chip business to a group led by private equity firm Bain Capital and chipmaker SK Hynix Inc (000660.KS).

Toshiba said in a statement it now aims to sign a contract by late September but added that the memorandum does not exclude talks with other bidders.

The embattled conglomerate said late last month it was continuing to talk with three suitors - the group led by Bain Capital, as well as those led by Western Digital (WDC.O) and by Taiwan’s Foxconn, formally known as Hon Hai Precision Industry Co (2317.TW).