China Approves Toshiba's $18 Billion Sale of Its Memory-Chip Unit

China approves Toshiba's plan to sell memory unit

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

Toshiba Corp said on Thursday that China regulators have approved the US$18 billion sale of its chip unit to a consortium led by United States private equity firm Bain Capital, marking the end to a year-long saga surrounding its most prized asset.

The group is scheduled to meet with Toshiba's top executives to ink the deal on June 1.

China's approval is the last hurdle in the Toshiba's sale to Bain Capital and prolonged review of the sale has raised speculation that Toshiba might decide to go for alternative options like IPO and abandon the deal.

The purchase has already been approved by the governments of South Korea, the U.S., Japan, Brazil, the Philippines, Taiwan and the European Union.

China's refusal reportedly was linked to its ongoing trade dispute with U.S. President Donald Trump's administration, but it seems officials have now done an about-face. Still, the deal will put the Japanese firm in the rather odd position of competing directly against its former subsidiary. Toshiba is No. 2 in the NAND flash memory market after Samsung Electronics.

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