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Toshiba closes memory chip unit sale

Toshiba Corp. completed the approximately ¥2 trillion sale of its memory chip business to KK Pangea, a special-purpose company controlled by a consortium led by Bain Capital Private Equity LP.

Toshiba Memory Corp. has been deconsolidated from Toshiba Group and will be treated as an affiliate accounted for by the equity method going forward, Toshiba said in a June 1 statement.

Toshiba re-invested ¥350.5 billion in KK Pangea, acquiring approximately 40.2% of the special-purpose company's issued common stock for ¥109.6 billion and about 40.8% of its issued convertible preferred stock for about ¥240.9 billion.

The deal was initially expected to close in March but was delayed due to pending regulatory clearance from China. Chinese regulators approved the transaction May 17.

Moody's placed Toshiba's ratings on review for upgrade May 18 after the company secured all necessary approvals to close the deal.

As of May 31, US$1 was equivalent to ¥108.76.