Bain Capital teams with Apple for 'last-ditch' Toshiba bid
August 31, 2017
An investor group led by Bain Capital has brought in Apple in an 11th-hour attempt to buy Toshiba's memory chip unit for about 2 trillion yen (roughly $18.2 billion), according to Reuters. Reports had emerged earlier this week that a group including KKR and data storage giant Western Digital was in the final stages of talks to acquire the unit for a similar price. Apple would reportedly provide 400 billion yen to support the new proposal.
Bain Capital's revised offer marks the latest twist in a months-long bidding process that began as Toshiba looked to make up for billions in losses from the company's bankrupt Westinghouse power plants in the southeast US. It would also continue a bounceback year of dealmaking for the Boston-based shop. Bain Capital has already completed 27 deals in 2017, up from 2016's 26 completed transactions, according to the PitchBook Platform.