Toshiba’s shareholders have agreed to sell its NAND division to a consortium led by Investor Bain, where SK Hynix, Apple and Dell are part of.
And that makes the sale official, but it’s still not a done deal. SanDisk (owned by Western Digital) is trying to prevent the division being sold to the consortium through court. Also, supervisors still have to approve.
TOKYO–Toshiba Corporation (TOKYO: 6502) today held an extraordinary shareholders’ meeting where Toshiba’s shareholders approved the Share Purchase Agreement (SPA) previously entered into with K.K. Pangea (Pangea), a special purpose acquisition company formed by the consortium led by Bain Capital Private Equity, LP (including affiliates of Bain), for the sale of all shares of Toshiba’s wholly-owned subsidiary Toshiba Memory Corporation (TMC).
SanDisk LLC, a wholly owned subsidiary of Western Digital Corporation, and certain of its subsidiaries, have filed for arbitration before the International Chamber of Commerce (ICC) International Court of Arbitration regarding the sale. Despite SanDisk and Western Digital’s opposition, Toshiba remains fully determined to resolve the issue through the arbitration process, and looks forward to receiving the arbitrators’ decision.
Since signing the SPA on September 28, 2017, Toshiba and Pangea have been jointly working towards the closing of the transaction by the end of March 2018. Today’s approval of the SPA by Toshiba’s shareholders is an important step towards closing.
