Daily Management Review

The Western Digital’s C.E.O To Close The Toshiba ‘Memory Chip’ Unit Acquisition Deal In Japan


08/28/2017


The announcement of Toshiba’s memory chip unit’s sale could be out by the end of this month.



The C.E.O of Western Digital Corp visits Tokyo with the mission to settle down on the final agreement for buying “Toshiba Corp’s memory chip business”, whereby putting an end to months long “dispute over the auction”.
 
Toshiba wants to sell its “memory unit” in an attempt to recover the “losses from its bankrupt U.S. nuclear business Westinghouse”. While another source reported to Reuters that there is another group made up of the “Western Digital, U.S. private equity firm KKR & Co and Japanese government investors”, are willing to offer “1.9 trillion yen ($17.3 billion)” for the same unit. While the Western Digital has offered “150 billion yen through convertible bonds”.
 
The entire group including Toshiba looks forward to break a deal announcement by the end of August 2017 during the board meeting at Toshiba. However, no comments were available from both the parties. While, Reuters also added:
“Some senior Toshiba executives had initially balked at Western Digital’s offer, but sources said on Friday that the U.S. firm took a conciliatory tack and decided not to seek a management role in the new business and limit its stake to no more than one-third even when it converts the bonds to equity”.
 
 
References:
reuters.com







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