Cleared: China Permits Sale of Toshiba’s Chip Unit to Group Led by Bain Capital

The Japanese multinational conglomerate Toshiba Corp. announces the sale of its computer memory chip business to a group led by an investment firm called Bain Capital upon its official clearings from the Chinese Govt.

Bain Capital said: “We are making this important investment because the company sees an opportunity to further grow Toshiba Memory Corporation.”

“This transaction will help ensure a competitive global semiconductor market and protect the supply chain from potential disruption,” it added.

The green signal from the Chinese Govt. was needed owing to the fact that the country has the largest chip market in the world.

Appreciating the Chinese government’s move, Bain capital said: “All antitrust approvals have now been received and the company is looking forward to close the investment, stressing that it hopes its chip business will grow.”

“This consortium of companies brings together leading industry players who will invest significant resources and work together to help ensure the semiconductor industry remains highly competitive and can respond to fast-changing demands,” Bain added.

Toshiba said in a statement that it will “promptly announce any matters related to this transaction that requires further disclosure.”