TOKYO--(BUSINESS WIRE)--Toshiba Corporation (TOKYO:6502) hereby announces that its board of directors today resolved to select the consortium of Innovation Network Corporation of Japan, Bain Capital Private Equity LP, and Development Bank of Japan (“the Consortium”) a preferred bidder in respect of the sale of Toshiba Memory Corporation (“TMC”).
TMC was split from Toshiba Corporation on April 1, 2017, as a wholly owned subsidiary responsible for Toshiba’s memory business. This was done toward securing further management resources essential for the continued growth of the memory business, and to support Toshiba in enhancing its financial structure.
Toshiba has determined that the Consortium has presented the best proposal, not only in terms of valuation, but also in respect to certainty of closing, retention of employees, and maintenance of sensitive technology within Japan.
Following this decision, Toshiba’s intention is to reach a mutually satisfactory definitive agreement with the Consortium by the date of its annual ordinary general meeting of shareholders, scheduled for June 28, and to close the transaction within March 2018, upon clearance of all the required processes, including competition law approvals in key jurisdictions.
Related News: http://www.toshiba.co.jp/about/press/2017_06/pr0201.htm
Founded in Tokyo in 1875, Toshiba Corporation is a Fortune Global 500 company that contributes to a better world and better lives with innovative technologies in Energy, Infrastructure and Storage. Guided by the philosophy of “Committed to People, Committed to the Future,” Toshiba promotes operations through a global network of 551 consolidated companies employing 188,000 people, with annual sales surpassing 5.6 trillion yen (US$50 billion; March 31, 2016).
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