Japan: Toshiba to get US$17.4b from Western Digital

Western Digital shares were up in premarket trading August 24 on reports that it and a consortium of other buyers could offer ¥1.9 trillion (US$17.4 billion) for Toshiba’s.

The company looks set to offer ¥150 billion (US$1.37 billion) in convertible bonds and will not seek voting rights in the business, Reuters reported citing anonymous sources.

The consortium also includes US private equity firm KKR & Co KKR.N and state-backed Innovation Network of Japan and Development Bank of Japan, all of which will offer ¥300 billion (US$2.7 billion) each for the chip business, the sources said.

Toshiba and its joint venture partner Western Digital have begun talking about a possible deal, the Nikkei Asian Review reported on Wednesday, after months feuding and litigation between the partners.

Full Content: Reuters

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