China changes its mind on Bain's Toshiba chip takeover plans

China changes its mind on Bain's Toshiba chip takeover plans

China changes its mind on Bain's Toshiba chip takeover plans

One of the conditions was that a conflict between Toshiba and Western Digital would be resolved, both parties reached an agreement late a year ago, whcih cleared the path for this takeover.

The Chinese approval came a little later than expected as the deal was initially anticipated to close in March, the fiscal year-end for the Japanese company.

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South Korea's chipmaker SK Hynix, one of the investors, welcomed the approval, after receiving a related notification from USA private equity firm Bain Capital, which is leading the investors' group.

Toshiba said in a brief statement that it expects the deal to be completed on June 1.

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Among other participants are United States tech giants Apple, Seagate and Dell, all of which will get preferred stocks.

The government of China will not stand in the way of the Toshiba Memory Corporation's sale to USA investment house Bain Capital.

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The anti-monopoly review had been the last and biggest hurdle to a successful sale of Toshiba Memory, the world's No. 2 producer of NAND chips. Toshiba Memory Corp. has its own flash storage business that is increasingly pushing into data center markets, threatening Toshiba's own traditional hard drive operations.

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