TOKYO - Toshiba Corporation has decided to sell its memory semiconductor business to Korea-US-Japan Alliance Consortium, which includes SK Hynix Korea.

According to Kyodo News, on September 20, Toshiba held a board meeting earlier this morning and decided to finalize a contract with the Korea-US Alliance consortium, which signed a memorandum of understanding (MOU) on Toshiba`s semiconductor subsidiary, Toshiba`s memory, last week. The total amount of the acquisition was reported to be about JPY 2.4 trillion (KRW 24 trillion). The US-Korea-Japan Alliance consortium includes US investment funds Bain Capital, Apple, Dell and SK Hynix in Korea.

Meanwhile Toshiba has also reviewed the new negotiations proposed by the US-Japan Alliance consortium, which includes US Western Digital, but ultimately decided to accept the proposal of the US-Japan alliance, the Nihon Keizai Shimbun reported. Toshiba and Western Digital have been at odds over the ratio of voting rights in the meantime.

Even though Toshiba has decided to make the final sale as a Korea - US Alliance Consortium, it will take time until the final contract is reached. Toshiba plans to conclude negotiations with the US-Korea-Japan Alliance Consortium and Hong Hi-camp, which have been negotiating a final deal with the US-Korea-Japan Alliance Consortium.

A representative of SK Hynix stated, "Toshiba has no official announcement yet, so we can not disclose its position." Toshiba said that it will not go ahead until it makes a final contract with Toshiba. It is due to the contract has not yet been completed and Toshiba has repeatedly overturned the acquisition target.

On the other hand, news that SK Hynix took part in the acquisition of the Toshiba memory semiconductor business was reported, and SK Hynix shares closed KRW 1,500 (1.89%) up to KRW 80,700 on the day. The closing price is the highest ever.


By Park Seul Gee seul@


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