Toshiba has obtained antitrust approval from China to sell its memory-chip business - Toshiba Memory - to a group led by Bain Capital, according to an NHK report.
Toshiba on May 17 issued a statement confirming "receipt of all required antitrust approvals in respect of the sale of Toshiba Memory."
In September 2017, Toshiba signed a deal to sell Toshiba Memory to KK Pangea, a special purpose acquisition company formed by a Bain Capital Private Equity-led consortium, for about JPY2 trillion (US$18 billion). The Bain Capital-led consortium includes Bain, Hoya, SK Hynix and US investors comprising of Apple, Kingston Technology, Seagate Technology and Dell Technologies Capital.
"The parties will now take necessary procedures to close the transaction, which is currently expected to occur on June 1, 2018," Toshiba said in its most recent statement.