Toshiba Agrees to Sell to SK Hynix/Bain Capital

In an 11th hour turnaround, Toshiba agreed to sell its semiconductor unit to consortium led by SK Hynix and Bain Capital for USD 18 billion instead of Western Digital, which had been said to be the front runner less than a day before the announcement.  The change came as a surprise to the market as many investors scrambled to make sense of the implications.

Following the announcement, Western Digital announced that it had filed a case against Toshiba in the International Court of Arbitration to block the sale.

SK Hynix announced that there were still some key issues that needed to be agreed upon before completion of the sale.

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