Toshiba (TOSYY) is said to have made the decision to choose a Japanese government-led group of Japanese, U.S., and South Korean firms to buy its semiconductor business, Reuters reports, citing sources.
The consortium's bid clears Toshiba's minimum of 2 trillion yen, or $18 billion. Toshiba is looking to sell the chip unit in order to cover billions of dollars in losses from its now bankrupt U.S. nuclear unit.
The group includes Japanese state-backed fund Innovation Network Corp of Japan, the government's Development Bank of Japan, and U.S. private equity firm Bain Capital, Reuters added, citing the sources.