Toshiba sells memory business for $18bn

Following the signing of a memorandum of understanding on 13 September, Toshiba has apparently concluded a deal to sell its semiconductor business to Bain Capital for $18billion. Bain is thought to have support from Apple, Dell and SK Hynix, as well as other memory consumers.

The deal follows a period of uncertainty in which Toshiba was negotiating with a number of groups and, reportedly, also considering changing its mind about selling the unit.

Toshiba was forced to sell the unit in order to finance significant losses incurred after it made a deal to acquire a US nuclear company.