Toshiba Wins Chinese Approval For Memory Chip Sale, Deal To Close By June

Toshiba has secured approval from Chinese antitrust authorities to go ahead with the sale of its memory chip business to a consortium led by Bain Capital. The companies now expect the sale to be completed by 01 June.

The sale was first agreed last September for JPY 2 trillion and was expected to close in Q1 this year. However, the closing was delayed by the Chinese regulatory process. Toshiba said it now has received all necessary regulatory approvals and met the conditions for completing the sale. – Telecom Paper