Apple Agrees to Bain Capital Terms in Final Bid for Toshiba’s NAND Business – Technewtips
A consortium of companies led by Bain Capital will finally be entering into a final agreement to buy Toshiba’s NAND business for $18 billion. The announcement is expected to come as soon as Thursday. Apart from Apple, other tech giants parts of the consortium include Dell and SK Hynix.
The Bloomberg report says Apple has finally agreed to terms put forward by Bain Capital which is leading the consortium bidding for Toshiba’s NAND business. Apple’s nod also paves the way for the deal being finalised with an announcement expected to happen by Thursday. However, given Toshiba’s knack of missing out on deadlines, a delay in announcement cannot be ruled out.
Apple is part of a consortium of partners Bain has assembled for the offer aimed at resolving a contentious auction that has stretched over eight months, said the people, asking not to be identified because the matter isn’t public. The formal announcement may slip given Toshiba’s track record of missing deadlines, they said. Dell Inc. and SK Hynix Inc. are also providing financial support.
Apple will reportedly be putting $3 billion as a part of the deal, though the number is yet to be verified from a close source.
Apple is amongst the world’s largest flash NAND buyer and it has been struggling to secure a steady supply of the NAND chips. By acquiring a stake in Toshiba’s NAND business, Apple expects to secure itself a steady stream of NAND storage chips at a fair price irrespective of the market conditions. The increasing prices of NAND storage chips forced Apple to silently increase the prices of its iPad Pro lineup by $50 across the board earlier this month.
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