Chinese regulators have approved Toshiba Corp.'s pending $18 billion sale of its memory chip business to a consortium led by U.S. private equity firm Bain Capital LP.
Without specifically mentioning China, Toshiba said in a statement that it has obtained all necessary approvals for the sale of Toshiba Memory Corp., which it expects to close on June 1.
"The parties today confirmed that all required antitrust approvals have been granted, and that all conditions for the closing of the transaction are now satisfied," the company said.
Toshiba clinched the deal with the Bain-led investors' group, which includes Apple Inc., Kingston Technology Corp. and Dell Technologies Capital, in September 2017.
China reportedly delayed the regulatory review of the deal due to ongoing trade tensions with the U.S.
S&P upgraded Toshiba on May 16 and kept its long-term ratings on CreditWatch with positive implications, saying the company's financial standing is likely to "improve significantly" due to the sale of the memory chip business.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.
