Toshiba signs deal to sell chip unit to Bain-led group for $18 billion

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TOKYO (Reuters) – Toshiba Corp has signed a deal to sell its chip unit to a consortium led by Bain Capital LP for 2 trillion yen ($18 billion), overcoming a key hurdle as it scrambles for funds to stave off a potential delisting.

Toshiba’s board agreed last week to sell the unit, the world’s second biggest producer of NAND chips, to the Bain group. However, the signing was delayed because consortium member Apple Inc demanded new terms on chip supply in return for funding, sources familiar with the matter have said.