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SK hynix has joined the final bidding for Japanese tech giant Toshiba’s memory unit, it said Friday, to acquire part of a stake in the unit instead of a complete acquisition, reportedly in partnership with US buyout company Bain Capital.
“Regarding the acquisition of management stake of Toshiba’s memory unit, we decided to join the final bid in partnership with a consortium,” the Korean chipmaker said in its regulatory filing Friday afternoon.
SK hynix reportedly joined the consortium led by Bain Capital, which has set up a special-purpose company to acquire a 51 percent stake of Toshiba’s memory unit.
Investment in part of the stake -- rather than complete acquisition -- could also help the consortium circumvent antitrust regulations.
Japanese newspaper Nihon Geizai Shimbun estimated that the total investment volume of the special-purpose company would be a little more than 1 trillion yen ($8 billion) but it is yet unknown how much SK hynix will set aside.
Bain Capital is expected to sound out the government-backed fund Innovation Network Corp. of Japan about joining as a small shareholder. If the local fund joins, the move might dispel the Japanese government’s concerns about technology leaks to foreign companies.
Apart from the consortium led by Bain Capital, there are two other strong consortiums led by the US chipmaker Broadcom and the US private equity firm KKR. Broadcom and KKR reportedly offered 2.2 trillion yen and 1.8 trillion yen, respectively.
By Shin Ji-hye(shinjh@heraldcorp.com)
“Regarding the acquisition of management stake of Toshiba’s memory unit, we decided to join the final bid in partnership with a consortium,” the Korean chipmaker said in its regulatory filing Friday afternoon.
SK hynix reportedly joined the consortium led by Bain Capital, which has set up a special-purpose company to acquire a 51 percent stake of Toshiba’s memory unit.
Investment in part of the stake -- rather than complete acquisition -- could also help the consortium circumvent antitrust regulations.
Japanese newspaper Nihon Geizai Shimbun estimated that the total investment volume of the special-purpose company would be a little more than 1 trillion yen ($8 billion) but it is yet unknown how much SK hynix will set aside.
Bain Capital is expected to sound out the government-backed fund Innovation Network Corp. of Japan about joining as a small shareholder. If the local fund joins, the move might dispel the Japanese government’s concerns about technology leaks to foreign companies.
Apart from the consortium led by Bain Capital, there are two other strong consortiums led by the US chipmaker Broadcom and the US private equity firm KKR. Broadcom and KKR reportedly offered 2.2 trillion yen and 1.8 trillion yen, respectively.
By Shin Ji-hye(shinjh@heraldcorp.com)
