Toshiba has finally sold its NAND flash memory division. The buyer is a consortium of companies led by Bain Capital. In the consortium are large tech companies like Apple, Dell and SK Hynix. The consortium will pay about $18 billion.
Toshiba hopes to sign a definitive agreement soon and to close the deal before the end of the fiscal year in March next year.
In January, Toshiba first announced it was planning to sell its memory division to compensate for losses in its nuclear division. Western Digital was an important player in the acquisition, as it previously acquired Sandisk, which was in a joint venture with Toshiba in the production of NAND memory. Western Digital started legal actions in order to have the first rights to Toshiba’s memory division. It’s unclear whether Western Digital will pursue legal action after today’s announcement or that the American company has agreed with the deal.