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SK hynix's consortium tapped as preferred bidder for Toshiba

All News 12:03 June 21, 2017

SEOUL, June 21 (Yonhap) -- A global consortium including South Korea's SK hyinx Inc. was tapped as the preferred bidder for the sale of the memory arm of Japanese tech giant Toshiba Corp., industry sources said Wednesday.

Toshiba earlier put its stake in its memory operations up for sale as it struggles with losses from its nuclear power business in the United States.

The consortium, also including Japanese players and U.S. Bain Capital, is estimated to have secured cash worth 2 trillion yen (US$17 billion).

Toshiba is expected to clinch an official agreement by June 28, when it holds a shareholders' meeting.

As U.S.-based Western Digital earlier filed a request for arbitration with an international court, demanding exclusive negotiation rights, industry watchers said the move may still hinder the sales procedure.

SK hynix's consortium tapped as preferred bidder for Toshiba - 1

colin@yna.co.kr
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