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    

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

Mercedes-Benz unveils the EQA SUV in a bid to outdo Tesla, Volkswagen
Mercedes-Benz unveils the EQA SUV in a bid to outdo Tesla, Volkswagen
By Nikita Chaurasia

Daimler AG owned German automotive giant, Mercedes-Benz, has reportedly introduced the EQA, a new electric compact SUV to compete with market leader Tesla, Inc. as well as to meet its carbon targets in China and Europe. The Mercedes-Benz EQA, one of...

New York planning on direct purchase of Pfizer’s COVID-19 vaccines
New York planning on direct purchase of Pfizer’s COVID-19 vaccines
By Nikita Chaurasia

In recent developments, Governor of New York, Andrew Cuomo has reportedly issued a letter to the CEO of American drug maker Pfizer Inc., Albert Bourla, requesting for direct purchase of COVID-19 vaccine doses. Although the company is not bound to any...

Mayo Clinic Laboratories forms alliance with American Hospital Dubai
Mayo Clinic Laboratories forms alliance with American Hospital Dubai
By Nikita Chaurasia

In recent developments, Minnesota-based Mayo Clinic Laboratories and American Hospital Dubai are reportedly planning on entering a strategic alliance which is aimed at enhancing advanced laboratory diagnostic services in Dubai. Under the terms of th...

LTI, IBM extend global partnership to spearhead digital transformation
LTI, IBM extend global partnership to spearhead digital transformation
By Nikita Chaurasia

The New York-headquartered IBM Corp., with its global partner Larsen Toubro Infotech, an Indian global IT solutions & services company, are planning to extend their multi-year partnership, in a bid to enable companies to revolutionize the busines...

Algae cultivator Qualitas Health raises USD 10 million in funding round
Algae cultivator Qualitas Health raises USD 10 million in funding round
By Nikita Chaurasia

In recent developments, privately held food and nutrition company Qualitas Health Inc. has reportedly secured USD 10 million in venture funds, as it looks to broaden the reach of its plant-based protein and omega-3 business. The company was appraised...