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China, Signaling Thaw With US Over Trade, Approves Toshiba Microchip Deal

China, Signaling Thaw With US Over Trade, Approves Toshiba Microchip Deal

They claimed SK hynix, which is ranked fourth in the NAND memory chip sector, could piggyback on Toshiba's unit to increase presence in the segment.

"The Bain Capital-led consortium has committed to make significant capital investments to help develop and grow semiconductor technology". In addition, Toshiba will retain a 40 per cent stake and, together with technology firm Hoya, will ensure that Japanese companies retain a controlling stake of just over 50 per cent.

"Today we received written approval for the acquisition of Toshiba Memory Corporation from the antitrust authorities in China", Bain said.

Toshiba said in a brief statement that it expects the deal to be completed on June 1. A representative for Bain was not immediately available for comment. The Bain Capital-led consortium includes Bain, Hoya, SK Hynix and United States investors comprising of Apple, Kingston Technology, Seagate Technology and Dell Technologies Capital.

Sources told the Wall Street Journal that many parties involved had begun to make contingency plans on the expectation that the deal would not go ahead, in light of recent trade disputes between the US and China regarding the tech industry.

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