SK hynix joins final bid for Toshiba unit through consortium with Bain

By Park Sae-jin Posted : May 19, 2017, 17:15 Updated : May 19, 2017, 17:15

[Yonhap News Photo]


SK hynix disclosed its decision Friday to join a final bid for the memory unit of Japan's Toshiba Corp by forming a consortium reportedly with US private equity firm Bain Capital.

In a regulatory filing, the South Korean company said it has formed a consortium with its partner to acquire Toshiba's NAND chip business which has been up for sale to offset a huge loss related to its overseas nuclear division.

Japan's Nihon Keizai Shimbun reported that the Bain-SK hynix consortium offered a management buyout deal to buy 51 percent or more. A preferred bidder would be announced in June.

SK hynix remained tight-lipped on reports that due to anti-trust concerns, Toshiba's memory chip management will be kept in place.

SK group chief Chey Tae-won has expressed his strong will to buy the memory unit of Toshiba, the world's second-largest maker of NAND flash memory chips mainly used in smartphones and other mobile devices. The group, which owns South Korea's top mobile operator SK Telecom, has sought to strengthen the NAND flash memory business of SK hynix.

Lim Chang-won = cwlim34@ajunews.com

 
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