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Biz News Korea(Eng)
Toshiba shareholders okay memory unit sale to SK Hynix consortium
- Collected
- 2017.10.25
- Distributed
- 2017.10.26
- Source
- Go Direct
Toshiba shareholders met on Tuesday to approve the sale of the world’s second-largest NAND flash memory business to the global consortium that also includes Bain Capital, Apple, Dell and state-backed Japanese companies.
Last month, Toshiba’s board okayed the deal and announced that shares of Toshiba Memory Corp. would be transferred to Pangea, the consortium’s special purpose acquisition company.
The sale is estimated to be 2 trillion yen ($17.6 billion), with SK Hynix to chip in 395 billion yen.
There are still a few hurdles left before closing the deal, which Toshiba is aiming to complete by late March 2018. The transaction first needs to pass the antitrust laws of various countries including China. The ongoing legal dispute with Western Digital, Toshiba’s partner in the semiconductor business, also needs to be resolved as it is seeking to block the sale claiming a breach in the partnership contract.
Shares of SK Hynix closed Tuesday down 3.31 percent at 81,900 won.
By Jung Wook and Kim Hyo-jin
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