China gives go ahead for Toshiba to sell $18 billion chip unit

Toshiba gets approval for sale of memory chip business

China approves Toshiba's chip unit sale to Bain, reports Japan's NHK

The announcement from China's antitrust authorities means that the sale is all set to be finalized by the end of next month, following clearance from regulatory bodies in the USA and the European Union. The acquisition involves more than 15 billion USD/Euro, an amount earlier agreed on back in September. With the latest antitrust approval, the regulatory hurdles have been cleared. Toshiba placed the crown-jewel chip division on sale to improve their financial situation. The Bain Capital-led consortium includes Bain, Hoya, SK Hynix and U.S. investors comprising of Apple, Kingston Technology, Seagate Technology and Dell Technologies Capital. The DRAMeXchange reports that Samsung and the Chinese governm.

The approval was announced yesterday by Toshiba in a short statement - although hasn't been confirmed yet by China's State Administration for Market Regulation.

The Bain-led group will hold a combined 49.9 percent stake in the Toshiba memory unit while 40.2 percent and 9.9 percent will be owned by Tohiba and Japanese optical product firm Hoya, respectively.

Toshiba missed its initial end of March deadline for the completion of the deal due to prolonged antitrust screening by Chinese regulators.

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