Toshiba Corporation announced today via a press release that China regulators have approved the sale of Toshiba Memory Corporation (TMC) to Bain Capital. The $18 billion deal was struck last year, but it was put on hold for several months as Chinese antitrust regulators were contemplating its approval.
Things were looking grim for Toshiba and Bain Capital as they were caught in the middle of the current US-China trade war. Nevertheless, China has given them the green light to proceed with the deal. Now that the necessary anti-trust approvals are in place, Toshiba and Bain Capital expect the sale it to be completed by June 1. Bain Capital said in a statement, “We are making this important investment because we see the opportunity to further grow Toshiba Memory Corporation. This transaction will help ensure a competitive global semiconductor market and protect the supply chain from potential disruption.”