Toshiba Corp. will sell its prized chip unit to a Japan-U.S.
The team also includes major South Korean chipmaker SK Hynix Inc. and USA technology giant Apple Inc.
Toshiba and the Bain-led consortium on Sept. 13 signed a memorandum of understanding to speed up their negotiations, with a view to reaching a deal by late September.
Earlier, media reported that Toshiba was shifting back toward selling the business to a group backed by joint venture partner Western Digital. A number of major tech companies showed an interest in the deal, including Foxconn and Apple Inc., and Toshiba ultimately decided on a consortium of that included several businesses that use its chips in their products.
Toshiba confirms that the deal will complete regardless of the legal situation against Western Digital.
While some had apparently expressed support for the plan, it was eventually rejected as many in the company could not overcome the distrust against the US firm following a bitter dispute between the two companies over the sale of the unit.
A representative for Western Digital was not immediately available for comment.
United States firm Bain Capital's acquisition is backed by a consortium of domestic and foreign investors, most notably Apple, Seagate and Dell, which will both provide financial support, as well as Toshiba itself, which will reinvest 350.5 billion yen into the new company.
The company needs the cash to plug a giant hole in its finances from its bankrupt US nuclear unit Westinghouse Electric Corp.
Toshiba needed to wrap up the deal quickly to avoid its liabilities exceeding its assets for two straight years and being automatically delisted from the Tokyo Stock Exchange (TSE).