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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.

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Dec 12 9:30 AM EST

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From: Bruno Cipolla	9/28/2017 4:09:53 PM
	1 Recommendation Read Replies (2) of 4836

Bain plans to take Toshiba Corp.’s flash-memory unit public two to three years after closing its 2 trillion yen ($18 billion) acquisition of the business, according to people familiar with the matter. [i suppressed irrelevant info, boldings and notes in square brackets are mine] <snip> On Thursday, Toshiba signed a final agreement to sell the business to a group that includes Bain, Apple Inc.DELL,SK Hynix and Japan’s Hoya Corp., [ Hoya corp ] while Toshiba itself will maintain a stake. The deal is structured so that Japanese companies will hold a majority of stock in the business, keeping control of a strategically important business within the country. <snip> True to the deal’s tumultuous nature, Bain called a press conference at Tokyo’s upscale Palace Hotel Thursday evening -- only to cancel it as journalists arrived. The firm’s Japan chief explained its partners hadn’t all signed off on the event. “We thought we could call for the briefing first and get everyone’s agreement in the meantime, but couldn’t,” said Yuji Sugimoto, head of Bain Capital in Japan. “From the business point of view, please rest assured that all of the parties are in agreement.” <snip> Bain had been selected as the preferred bidder in June, but couldn’t reach a final agreement because state-sponsored Innovation Network Corp. of Japan and Development Bank of Japan backed out of the private equity firm’s consortium in the face of Western Digital’s threats. The Bain agreement calls for the sale to be consummated even if the litigation is unresolved. If that is the case, Toshiba will not transfer its three joint ventures with Western Digital to the acquirers and the purchase price will be adjusted accordingly, [so the deal would be worth just a third of about 18B$ that is 6B$, the exact amount of Toshiba's balance hole] unless the transfer of the memory business itself is blocked by injunction, the statement said. [this way the deal would be worth zero]

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