Bain Capital finally seizes Toshiba's chip division

Japan's Toshiba said on Friday it has completed the sale of its chip unit to a consortium led by US private equity firm Bain Capital for a total value of $ 18 billion. This is something that has been talked about for many months, and has finally been completed. The consortium currently includes South Korean chipmaker SK Hynix, Apple, Dell, Seagate and Kingston.

Bain Capital completes acquisition of Toshiba Memory

The formalization of this agreement was initially aimed at the end of March, but had been delayed due to a lengthy review by Chinese antitrust authorities. Finally, China approved the agreement last month, so it could be completed without problems.

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The Bain Capital consortium last year won a long and highly controversial battle for Toshiba Memory, the world's second largest producer of NAND chips. Toshiba has had to make the decision to put the business up for sale after problems at its Westinghouse nuclear unit had plunged the company into a multi-billion dollar cost crisis. Under the Bain deal, Toshiba repurchased 40 percent of the unit so it remains a major shareholder in its former chip manufacturing division.

Toshiba is the developer of NAND memory stacking technology dubbed BiCS, the most advanced in the industry and responsible for much of the company's value. This deal is a huge oxygen balloon for all of Toshiba's financial problems, a move that has been necessary to secure the company's future.

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