Bain-Apple group gets important chip business.
It’s official. Toshiba Corp. has announced a deal to sell its memory chip unit to a group of investors which includes Apple. The deal, valued at $17.7 billion, was reported by The Wall Street Journal.
The deal, which still needs approval from antitrust authorities, won’t give Apple voting rights. Instead, it’s Bain Capital who’s set to own 49 percent of the unit’s voting shares. Toshiba will keep 40.2 percent while Hoya Corp. of Japan holding the rest.
Apple’s stake in the unit is valued at around $3 billion.
Besides Apple, Bain Capital, and Hoya, SK Hynix Inc. and Seagate Technology PLC have also joined the consortium.
Cupertino has long been interested in acquiring a piece of Toshiba’s memory chip unit. The deal will give Apple access to more flash memory at a time when the prices of NAND storage has been rising. Earlier this month, Apple quietly raised the prices for some iPad Pro models because of the cost increases.