Saturday, 24 June, 2017

Google, Amazon eye Toshiba's chip unit

The logo of Toshiba Corp is seen behind a traffic light at the company's headquarters in Tokyo The logo of Toshiba Corp is seen behind a traffic light at the company's headquarters in Tokyo Japan
Jeannie Matthews | 07 April, 2017, 02:52

The fresh list of potential buyers comes after Toshiba shareholders agreed to split off the company's memory chip business in a bid to bolster its bottom line following a massive write-down caused by cost overruns of WEC.

The Nikkei business daily reported on Friday that USA private equity firm Silver Lake Partners SILAK.UL and US chipmaker Broadcom Ltd AVGO.O have offered Toshiba about 2 trillion yen ($18 billion) for the unit. That is on the high end of estimates of the memory business' value.

Toshiba has also put its NAND flash memory unit for sale in an attempt to recuperate a projected loss of ¥1tn ($9bn, £7.1bn), according to a report by the Yomiuri Shimbun.

Cash-strapped Toshiba has received its first official offer, as it attempts to sell off a number of assets to recoup a multi-billion dollar loss made on its nuclear arm Westinghouse.

Philippines' Duterte fires interior minister over corruption allegations
Abella made this announcement in a statement issued on Wednesday, a day after Interior and Local Government Secretary Ismael D. The 69-year-old Sueno said he "wholeheartedly" accepted the decision, but he also maintained his innocence.

Apple, Amazon, and Google, among others, are said to be involved in a bidding war for the business, which accounts for 20 percent of the NAND market.

Toshiba will begin negotiating with individual candidates next month, the Nikkei said. While the Japanese conglomerate, which was attempting diversification beyond consumer electronics, forayed into nuclear technology, the attempt backfired due to numerous project delays, which eventually led to its nuclear arm, Westinghouse Electric unit, filing for bankruptcy last week.

Taiwan's Hon Hai, which acquired Japanese electronics maker Sharp a year ago, has apparently bid more than 2 trillion yen ($18 billion), the daily said.

Some of the world's largest tech companies are reportedly in the running to snap up Toshiba's memory chip business, with Google, Amazon and Apple among those understood to be bidding for stock of the business. The U.S. government has guaranteed $8.3 billion in loans to the company to finance the construction of four reactors.

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