Embattled Japanese conglomerate Toshiba said Monday it was still waiting for regulators to approve the key sale of its chip unit, a delay that could stymie plans to complete the deal this month.

The firm agreed in September to sell its memory chip business to a consortium led by US investor Bain Capital, which was seen as crucial to keeping it afloat after multi-billion-dollar losses.

Under the deal, Toshiba had expected to meet all the sale conditions by March 23 and complete by March 30.

"However, the satisfaction of certain conditions relating to antitrust approvals in required jurisdictions have not yet been confirmed," Toshiba said in a statement Monday.

"Although the timing of the closing has not been determined, Toshiba intends to close the transaction as soon as possible," the statement continued.

Toshiba spokeswoman Midori Hara told AFP "for now it's only China's anti-trust law" that is holding up the sale.

"We don't know the timeline for the approval, but we are still seeking to complete the deal on March 30."

The Bain-led group acquiring the memory chip business includes US tech giants Apple and Dell, as well as South Korean chipmaker SK Hynix.

Toshiba has struggled after the disastrous acquisition of US nuclear energy firm Westinghouse, which racked up billions of dollars in losses before being placed under bankruptcy protection.

In order to survive and avoid delisting, the cash-strapped group decided to sell its chip business -- the crown jewel in a vast range of businesses ranging from home appliances to nuclear reactors.

With the chip deal and the sale of Westinghouse, Toshiba said in February it would swing into the black for the full fiscal year.

kh-sah/dan

TOSHIBA

Related Links
Computer Chip Architecture, Technology and Manufacture
Nano Technology News From SpaceMart.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Precision atom qubits achieve major quantum computing milestone
Sydney, Australia (SPX) Mar 19, 2018
The unique Australian approach of creating quantum bits from precisely positioned individual atoms in silicon is reaping major rewards, with UNSW Sydney-led scientists showing for the first time that they can make two of these atom qubits "talk" to each other. The team - led by UNSW Professor Michelle Simmons, Director of the Centre of Excellence for Quantum Computation and Communication Technology, or CQC2T - is the only group in the world that has the ability to see the exact position of their q ... read more