Toshiba Is Said to Aim for Chip Deal With Bain by Sept. 20

Toshiba Corp. is aiming to finalize a deal to sell its memory chips business to a group led by Bain Capital at a Sept. 20 board meeting, despite opposition from partner Western Digital Corp., according to people familiar with the matter.

Toshiba’s effort faces resistance because the Bain group now includes several Western Digital competitors, including Seagate Technology Plc, Kingston Technology Co. and SK Hynix Inc., said the people, asking not to be identified because the matter isn’t public. Western Digital partnered with KKR & Co. to try to buy the chips business, but Toshiba opted for the Bain bid last week, signing a memorandum of understanding as they work toward a final agreement.