Toshiba Agrees to Sell Memory Chip Unit to Bain Group: Source

Toshiba Corp.’s board has agreed to sell its chip unit to a group led by Bain Capital, with the assurance that the buyout firm will complete a deal regardless of legal challenges from Western Digital Corp., according to people familiar with the matter.

The Bain consortium includes financial support from Apple Inc., Dell Inc. and several other companies, said the people, asking not to be identified because the matter is private. Toshiba also plans to invest about 350 billion yen ($3.1 billion) alongside the U.S. buyout firm, they said.