Published: Thu, September 28, 2017
Medical | By Rita Mcdonald

Western Digital comments on arbitrations filed against Toshiba

Western Digital comments on arbitrations filed against Toshiba

The remaining 9.9 percent will be owned by Japan's Hoya. Toshiba memory by the Korea-US-Japan Consortium which includes SK Hynix will pay 2 trillion yen (US$17.7 billion) for the acquisition of the Toshiba Memory and SK Hynix will fork over 395 billion yen (US$3.5 billion).

While we wait to hear that Apple has officially negotiated favorable terms that will allow them to get onboard this deal, today we learn that SK hynix has made a decision to invest 4 trillion won (US$3.5 billion) for the purchase of Toshiba's NAND business unit worth 20 trillion won by a Korea-US-Japan consortium.

Apple has not agreed terms for participating in the Bain Capital-led consortium to buy Toshiba's flash chip business, holding up the deal. Apple, Kingston, Seagate and Dell will invest in the form of corporate bond-type preferred stocks.

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Apple's backing is valuable as it is one of the world's biggest single buyers of NAND flash storage.

The Korea-US consortium led by SK hynix and Bain Capital will acquire a total 49.9 percent stake, while Toshiba maintains a 40.2 percent stake.

Western Digital Corp said on Tuesday it will seek an injunction to block the sale of Toshiba Corp's prized semiconductor business to a rival group, upping the ante in an acrimonious battle with its chip venture partner.

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Western Digital's injunction is being sought with the International Court of Arbitration, where the California-based company, which argues no deal can be done without its consent, initiated proceedings against its partner earlier this year. It contends that any transfer of Toshiba's memory operations without its consent would violate joint venture agreements.

Toshiba will not be able to sell off its memory business until the International Arbitration Court comes to a conclusion about the arbitration lawsuit filed by WD in May of this year if and when the court rules in favor of WD's injunction against the sell-off. It is noted that even if the deal gets done right away, regulatory reviews often take six months which doesn't leave a whole lot of breathing space before that March window slams shut. It is forecast that the court will make a ruling in favor of WD.

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