Troubled Japanese conglomerate Toshiba on Wednesday announced it has selected a consortium led by the public-private Innovation Network Corporation of Japan as a preferred bidder for its prized memory chip business.
The consortium consists of the INCJ, Bain Capital Private Equity and the Development Bank of Japan.
In a statement, Toshiba said it determined that the consortium “presented the best proposal, not only in terms of valuation, but also in respect to certainty of closing, retention of employees, and maintenance of sensitive technology within Japan.”
Toshiba added that it intends to reach a “mutually satisfactory” agreement with the consortium by June 28, the date of its annual ordinary general shareholders meeting. Toshiba also said it aims to close the deal by March 2018.
Toshiba shares last traded down 1.27 percent at 326 yen.