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Western Digital Group to Offer $17.4 Trillion For Toshiba's Chip Unit - Sources

Western Digital is set to offer 150 billion yen through convertible bonds and will not seek voting rights in the business, sources familiar with the deal said, requesting anonymity because the talks were confidential.

Reuters

Updated:August 24, 2017, 2:53 PM IST
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Western Digital Group to Offer $17.4 Trillion For Toshiba's Chip Unit - Sources
Western Digital Group to Offer $17.4 Trillion For Toshiba's Chip Unit - Sources (photo for representation, image: Reuters)
A consortium that includes Western Digital is offering 1.9 trillion yen ($17.4 billion) for Toshiba Corp's memory chip business, which the Japanese conglomerate is trying to sell to cover losses from its U.S. nuclear business, sources said on Thursday.

Western Digital is set to offer 150 billion yen through convertible bonds and will not seek voting rights in the business, sources familiar with the deal said, requesting anonymity because the talks were confidential.

The consortium also includes U.S. private equity firm KKR & Co as well as the state-backed Innovation Network Corp of Japan and Development Bank of Japan, all of which will offer 300 billion yen each for the chip business, the sources said.

Toshiba said it could not comment on discussions with potential suitors for the chips business. Western Digital said it could not immediately comment, while KKR declined to comment.

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