The Board of Directors of SK Hynix has approved the allocation of funds for participation in the purchase of semiconductor manufacturing Toshiba
The Board of Directors of the South Korean company SK Hynix adopted a plan for the allocation of funds for participation in the consortium led by Bain Capital and intends to purchase semiconductor manufacturing Toshiba for 17.7 billion dollars.
Company SK Hynix will provide 20% of the specified amount.
We will remind, the Board of Directors of Toshiba has approved the sale last week. However, the signing of the agreement was postponed as joined the consortium in recent time Apple has demanded special conditions the supply of memory chips in exchange for financing the purchase.
In addition to Bain, SK Hynix and Apple, the consortium includes Innovation Network Corporation, Development Bank of Japan, Dell, Seagate Technology, Kingston Technology.
Under the terms of the agreement the consortium will receive 49.9 percent of the votes in the management of the company, while Toshiba will retain an increase of 40.2%. Another 9.9% will be owned by the Japanese company Hoya.
In a statement, SK Hynix said not signed a contract or not. The Toshiba representative said that the company is interested to sign it as soon as possible.
This may prevent the actions of the company Western Digital, which is not going to give the Toshiba without a fight. As you know, the company SanDisk, which is a subsidiary of Western Digital, Toshiba is a partner in joint ventures for the production of flash memory. In Western Digital assured that the sale violates the rights of SanDisk and conditions of the contracts on SP.