Toshiba Memory plans to buy back the shares held by Apple and Dell

By Nikita Chaurasia  | Date: 2019-05-22

Toshiba Memory plans to buy back the shares held by Apple and Dell

US tech companies were formally part of a group led by Bain Capital that acquired the memory chipmaker from previous parent Toshiba Corp

Reports confirm that Toshiba Memory Holdings has recently announced it would be buying out the shares in the chipmaker held by Dell Technologies, Apple Inc and two other investors.

Sources familiar with the matter informed that Dell and Apple will be joining Seagate Technology and Kingston Technology to sell off their shares in Toshiba Memory for around 500 billion yen (US$4.5 billion). Together the companies have made a few hundred million on their investment and the agreement will be completed by May end this year.

Apparently, the US tech companies were formally part of a group led by Bain Capital that acquired the memory chipmaker from previous parent Toshiba Corp.

The refinancing plans of Toshiba comprises loans of ¥1 trillion from the three leading Japanese Banks and an investment of ¥300 billion from the Development Bank of Japan, which is wholly owned by Government of Japan.  Later this year or in early 2020, Toshiba Memory is aiming to get listed in Tokyo, allowing the company to access capitals from the public-equity market.

Sources mentioned that few weeks back Toshiba Memory Holdings had selected 12 Director candidates, including seven new Independent Directors for election to its Board of Directors. The new Board of the company would also raise the number of Independent Directors from seven to ten.

The company hopes that the new Independent Directors bring to the Board more diversity that would help in increasing the shareholder value as well as drive sustainable growth over the long term.

For the uninitiated, Toshiba Corporation is a Japanese multinational conglomerate based in Tokyo, Japan. The company deals in diversified services and products including electronic components and material, information technology and communications equipment and systems, power systems, household appliances, and industrial and social infrastructure systems.

Source Credit: https://telecom.economictimes.indiatimes.com/news/toshiba-memory-to-buy-stakes-held-by-apple-dell-wsj/69421565

 

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

L&T Technology Services partners with Qualcomm to amplify 5G adoption

L&T Technology Services partners with Qualcomm to amplify 5G adoption

By Nikita Chaurasia

L&T Technology Services Limited has recently announced that it is teaming up with Qualcomm Technologies, Inc., the world’s leading wireless technology innovator. With the latest collaboration, the firm plans to offer end-to-end solutions...

PNAS, Straive partner to deliver end-to-end content production services

PNAS, Straive partner to deliver end-to-end content production services

By Nikita Chaurasia

Renowned U.S.-based nonprofit and non-governmental organization, NAS (National Academy of Sciences), has reportedly collaborated with Straive, one of the leading technology-driven solutions providers for Content, EdTech, and Data. With this acquis...

Japan pushes innovations in 'deep tech' sector with solar cell technology

Japan pushes innovations in 'deep tech' sector with solar cell technology

By Nikita Chaurasia

Amid the most promising next-generation solar cell technology innovations, Enecoat Technologies, a provider of materials development services in Japan, is reportedly developing perovskite. Following its completion, the Kyoto-located start-up expec...

GIC to acquire majority shares in opulent Sani/Ikos properties

GIC to acquire majority shares in opulent Sani/Ikos properties

By Nikita Chaurasia

Singapore's sovereign wealth fund, GIC has agreed to pay around $2.2 billion to buy a majority stake in Sani/Ikos Group, a Mediterranean luxury resort operator, marking the largest transaction in the European resort market since the Covid-19 pand...

Excelra, Patcore partner to offer enhanced digital insights to customers

Excelra, Patcore partner to offer enhanced digital insights to customers

By Nikita Chaurasia

Excelra, a data and analytics solutions provider, has recently announced its partnership with Patcore, Inc., to provide better access to its analytics products and scientific data for customers in Japan. For the unversed, Excelra is one of the top...