Silver Lake And Broadcom Reportedly Offer $17.9 Bln For Toshiba's Chip Unit

Lucy Hill
April 7, 2017

At the same time however it would have to deal with Toshiba's legacy clients, and either phase them out or enter the global memory business.

Toshiba had earlier not decided on the actual size of the stake sale, but is now reported to be ready to sell a majority stake or even its entire stake in the Nand memory chip unit, which makes memory chips for mobiles and tablets and is its most valuable business.

Private equity outfit Silver Lake and USA chipmaker Broadcom have offered Toshiba Corp about $17.9 billion for its chip unit.

Some of the world's largest tech companies are reportedly in the running to snap up Toshiba's memory chip business, with Google, Amazon and Apple among those understood to be bidding for stock of the business.

Apple (AAPL) may be among possible bidders for Toshiba's NAND flash chip unit, according to Japan's Yomiuri Shimbun.

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The report indicated that Toshiba expects its liabilities to exceed its assets by roughly 620 billion yen when the current fiscal year ends Friday.

Toshiba will start negotiating with individual candidates next month, the Nikkei said. He had previously said the decision would be made in May, or at least before the shareholder meeting. It says it expects investors to value its chip operations at about 2 trillion yen. While the Japanese conglomerate, which was attempting diversification beyond consumer electronics, forayed into nuclear technology, the attempt backfired due to numerous project delays, which eventually led to its nuclear arm, Westinghouse Electric unit, filing for bankruptcy last week.

Yesterday also saw the announcement by the company that its Westinghouse Electric Co. unit, which produces nuclear power technology, has filed for Bankruptcy in the U.S. Bankruptcy Court of NY, as related by Yuri Kageyama of Associated Press.

Putting US taxpayers on the hook for any losses related to Westinghouse's failure would be an embarrassment for Japanese Prime Minister Shinzo Abe, particularly if the debacle sparks criticism from American President Donald Trump of Japanese corporations in the US.

Other reports by TheDailyFarc

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