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Bids for Toshiba chip unit reach $22 billion

SK Hynix and other investors are offering $20 billion for Toshiba's lucrative memory business, sources say.

@DeekeTweak
Published Sat, Sep 9 2017 7:21 PM CDT   |   Updated Mon, Oct 19 2020 8:18 PM CDT

The leading bid for Toshiba Memory Corp are now up to $22 billion, sources have told Reuters.

Bids for Toshiba chip unit reach $22 billion | TweakTown.com

A consortium of buyers made up of chip-maker SK Hynix, investment firm Bain Capital, and numerous Japanese investors have raised their bid on Toshiba's storage chip business to 2.4 trillion yen, or $22.3 billion, sources familiar with the matter tell Reuters. Toshiba seeks to sell its storage business in an attempt to plug a massive earnings hole left by its failed Westinghouse nuclear business, which caused the company to lose $8.7 billion in its 2016 fiscal year.

U.S.-based Western Digital, who led a major bid for Toshiba's chip unit, has reportedly dropped out of the runnings. Sources say Toshiba is reviewing three consortium offers for the storage business, which included bids from a group led by Foxconn. Interestingly enough, tech giant Apple has backed all offers for Toshiba Memory Corp in an attempt to become closer to the source of storage memory to power its slate of iPhone devices.

Toshiba recently missed its self-imposed deadline to select an offer, and recently made plans to open a new storage fabrication facility in northern Japan.

NEWS SOURCE:reuters.com

Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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