Toshiba inks $18 billion deal to sell memory business

With months and months of behind-closed-doors meetings and whispers, Toshiba has reportedly inked an $18 billion deal to sell of its chip business.

Western Digital was reportedly in the running for Toshiba's memory division, but a consortium led by Bain Capital LP took the lead and secured Toshiba's memory business. Something of note: SK Hynix is part of this consortium, which isn't in the best interests of WD.

Japanese companies will still maintain 50% of the business, keeping the local government with smiles on their dials, while Toshiba retains a 40.2% stake in Toshiba Memory Corp. Bain Capital LP will sail ahead with 49.9% of Toshiba Memory Corporation, while Japanese medical company, Hoya Corp, takes 9.9%.