Toshiba sells chip unit for $18bn

Toshiba has sold its prized semiconductor business to a group led by US private equity firm Bain Capital for around $18bn. The deal is designed to cover billions of dollars in losses racked up through Toshiba's US nuclear unit. Toshiba is the world's number two chipmaker and its Toshiba Memory unit accounts for about a quarter of its revenue. Bain Capital has partnered with South Korea's SK Hynix Inc and brought in US buyers of Toshiba chips such as Apple and Dell to bolster its bid. In a statement, Toshiba said the sale of Toshiba Memory would boost its finances by 740bn yen after taxes.

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