Toshiba closes sale of memory chips unit to Bain Capital for $18 bi

Tokyo (Reuters)-the Japanese Toshiba hit on Wednesday the sale of your valuable memory chip unit to a group led by u.s. private equity firm Bain Capital, an important step for the Japanese conglomerate in difficulties continue listed on Tokyo Stock Exchange.
Toshiba said in a statement sent to the stock exchange, who signed a contract worth about 2 trillion yen (18 billion dollars), the latest and perhaps the last twist in the deal.
The decision to sell the world number 2 Nand memory chips, first disclosed by Reuters on Wednesday, was taken at a Board meeting earlier in the day.
On Tuesday night, sources said that Toshiba was inclined to sell your business for your American partner in the joint venture Western Digital Corp.
It is not yet clear if the sale to the group led by Bain Capital will follow without problems, since Western Digital had previously initiated a legal action against Toshiba, arguing that any deal could be closed without the your consent due to your position as Toshiba's partner in the joint venture of chips.
Toshiba said the agreement assumes that the legal issues raised by Western Digital will not have continuity. A spokesman for Western Digital said the company had no immediate comment.
Reuters anticipated the Japanese conglomerate's decision earlier on Wednesday through sources.
Toshiba said the sale will increase will generate a positive impact from 740 billion yen to the company after the incidence of taxes. That would eliminate the negative capital, a crucial step that aims to reach in March to remain listed.
The Bain Capital teamed up with SK Hynix Inc. of South Korea and brought American buyers of Toshiba chips, such as Apple Inc and Dell Inc. [DI. U] to strengthen your offer. The manufacturer of memory products, Kingston Technology and the data storage firm Seagate Technology Plc are also part of the group.
IN SEARCH OF RESOURCES
After a series of revised offers and change of alliances between suitors, a deal didn't come too soon to Toshiba.
Without the sale, Toshiba wouldn't have the billions of dollars needed to plug a hole in its finances caused by the break of your nuclear unit in the U.S. Westinghouse, and could be removed from the bag.
In addition, the semiconductor business requires large investments, and the Toshiba's chip unit risk losing your competitive edge, because rivals like Samsung Electronics advancing in large capital expenditure plans.
Western Digital has led your dispute with Toshiba for the International Court of Arbitration to avoid a sale without your consent, and a source with knowledge of the matter said the company is prepared to seek a court injunction immediately if the agreement is not of your j EITO.
The group led by Bain was chosen in June as preferred bidder, but those negotiations lapsed when the Japanese Government investors, which were part of the Consortium, said Toshiba who were reluctant to close a deal due to legal questions Western Digital still pending.