China Approves Sale of Toshiba's Chip Unit

Japanese multinational conglomerate Toshiba sign in Beijing China

Chinese antitrust regulators have given the greenlight to an $18 billion purchase of Toshiba's memory-chip unit by US private-equity firm Bain Capital after months of deliberation.

Toshiba confirmed, adding that it expects to finalize the deal on June 1 at the latest.

"The Bain Capital-led consortium has committed to make significant capital investments to help develop and grow semiconductor technology".

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"However all antitrust approvals have now been received and we are looking forward to closing this investment", Bain Capital said in a statement yesterday.

The deal was agreed between buyer and seller previous year, with Bain taking a 49.9% stake and Toshiba retaining 40.2%.

A representative for China's State Administration for Market Regulation said he was not aware of the situation and did not comment further.

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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.

China's decision to give the deal the thumbs up comes as a surprise, as Toshiba recently said it had "mostly given up" on the $18 billion sale because Beijing authorities indicated they would not give it the green light.

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