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Western Digital seeks Y50 billion from Apple to help finance Toshiba chip bid: Kyodo

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FILE PHOTO: A Western Digital office building under construction is shown in Irvine, California, U.S., January 24, 2017.

TOKYO - A group including Western Digital is seeking around 50 billion yen ($464 million) from Apple Inc to help finance a bid for Toshiba Corp’s memory chip unit, Kyodo news agency reported on Friday.

Western Digital, which jointly invests in Toshiba’s key chip plant, is leading a $17-18 billion bid for the chip business, sources familiar with the talks have said.

Sources said earlier in the week that the U.S. firm offered to step back from the consortium’s financing in return for a stronger position in their joint venture, and was roping in Apple for funding.


But it has been unclear whether other parties in the consortium, which also includes U.S. private equity firm KKR & Co LP as well as Japanese government-backed investors, would pay more to cover for the 15 billion yen that Western Digital had previously planned to pay as part of the bid.

Sources have said Western Digital does want a future stake in the chip business, although it was unclear how much. Toshiba executives, fearing that Western Digital was angling to eventually take over the chip business, are demanding that the U.S. company promise to limit the size of its stake in the company, sources said, requesting anonymity as talks were confidential.

Toshiba’s board is now aiming to reach a final agreement with the consortium by Sept. 13, sources have said.

The company is under pressure to clinch a deal soon and complete regulatory approvals by the end of the fiscal year in March to ensure it does not report negative net worth, or liabilities exceeding assets, for a second year running - a scenario that could result in delisting from the Tokyo Stock Exchange.

Last week, Toshiba said it had not yet narrowed the pool of suitors and was also looking at a bid from U.S. private equity firm Bain as well as one from Taiwan’s Foxconn.

All three bids have involved Apple, Toshiba’s key memory chip customer, sources said.

A Western Digital spokeswoman told Reuters it could not comment on details of the talks. Apple did not immediately respond to an e-mailed request for comment.

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Muslim Global: Western Digital seeks Y50 billion from Apple to help finance Toshiba chip bid: Kyodo
Western Digital seeks Y50 billion from Apple to help finance Toshiba chip bid: Kyodo
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