Bain replacing KKR in Japan government-backed bid for Toshiba chip unit: sources

Reuters News
Posted: Jun 08, 2017 9:19 PM

SAN FRANCISCO/TOKYO (Reuters) - Private equity firm Bain Capital is replacing rival KKR & Co LP in a Japanese government-led consortium that also includes Western Digital Corp to bid for Toshiba Corp's chip unit, sources familiar with the matter said.

Bain would be a minority investor, said one of the sources. The sources declined to be identified as they were not authorised to speak to the media.

Western Digital, which jointly operates a key flash memory chip plant with Toshiba in Japan, recently presented an outline of the proposal to Toshiba, separate sources said.

A representative for Bain could not immediately be reached for comment.

(Reporting by Liana Baker in SAN FRANCISCO and Junko Fujita in TOKYO; Additional reporting by Makiko Yamazaki; Editing by Edwina Gibbs)