South Korea’s SK Hynix has submitted an initial bid to acquire a stake in Toshiba‘s memory chip business, a person familiar with the matter told Reuters on Tuesday.

The person said it has not been decided how much a stake SK Hynix, the world’s No. 2 memory chip maker, will acquire in Toshiba’s memory business as the deal is in early stages.

A SK Hynix spokesman declined to comment, and Toshiba could not be immediately reached for comment.

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