The completion of the sale was way ahead of the expected time frame of end-March. Chinese antitrust authorities extensively reviewed the deal before providing its approval.
On Friday, Japan’s Toshiba Corp stated, it had completed the $18 billion sale of its NAND memory chip unit to a consortium led by U.S. private equity firm Bain Capital.
The completion of the deal, which was initially forecast to be completed by end-march due to a prolonged review by Chinese antitrust authorities, marks a milestone in Toshiba’s history.
China approved the deal in May 2018.
Significantly, as part of the deal with Bain, Toshiba disclosed it had repurchased 40% of the unit.
In 2017, a consortium led by Bain Capital won a highly contentious battle for Toshiba Memory, the world’s second biggest producer of NAND chips.
Toshiba had to put the business up for sale to cover the losses it made from its U.S. nuclear unit which plunged the company into a crisis.
The Bain Capital led consortium includes Apple Inc, SK Hynix, Dell Technologies, Kingston Technology and Seagate Technology.
SK Hynix is considered close to China.