A group including Bain Capital and South Korea's SK Hynix (000660.KS) has raised its offer for Toshiba Corp's (6502.T) chip business to 2.4 trillion yen ($22.3 billion) including a 200 billion yen investment in infrastructure, sources familiar with the matter said.
Toshiba was still in discussions over the sale as of late Monday, sources told Reuters.
Bain and SK Hynix representatives were not immediately available for comment, while Toshiba declined to comment on details of the deal negotiations.
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The enterprise SSD market will be led by Intel, Samsung and Western Digital/SanDisk targeting orders from internet giants such as Facebook, Amazon, Baidu, Alibaba and Google, the report said.
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Western Digital and Toshiba have been struggling to find common ground in their negotiations for Toshiba Memory following an escalating legal dispute over whether the Japanese company needs its USA partner's consent for the sale of the chip unit. However, Western Digital appear to have got past their stumbling block and the deal now looks set to go through.
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The latest decision comes after Toshiba had been inclined to seal a deal with a group led by Western Digital, which has jointly invested in Toshiba's Yokkaichi flash memory plant in central Japan.
On August 30th Patently Apple posted a report titled "Bain Capital along with Apple Offer Last-Ditch Bid for Toshiba's Memory Chip Business".
Tuesday's reversion to the Bain group contradicts a report earlier in the day in the Nikkan Kogyo business daily that Toshiba had chosen the Western Digital bid and would announce the deal on Wednesday. Last week it said it was considering three competing offers including one led by Taiwan's Hon Hai (2317.TW), also known as Foxconn.
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INCJ held its investment committee meeting on Tuesday without making any decision.