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THE INVESTOR

Deals

Toshiba deal still faces obstacles: SK chief

  • PUBLISHED :September 29, 2017 - 14:14
  • UPDATED :September 29, 2017 - 16:06
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[THE INVESTOR] The chief of SK Group said on Sept. 28 that its chip-making unit’s participation in a deal to acquire Toshiba’s memory business still has many hurdles to clear.

Japanese tech giant Toshiba signed a deal on Sept. 27 to sell its memory business to a global consortium which includes participants from Korea, the US and Japan. 


Chey Tae-won


The consortium also includes US-based Bain Capital, Apple and a handful of other tech players.

The Korean chipmaker is set to invest 4 trillion won (US$3.50 billion) in the acquisition plan.

Of that amount, 1.3 trillion won will be invested to buy Toshiba’s convertible bonds, with the remaining 2.7 trillion won being allocated to a fund established by Bain Capital as a limited partner.

“The (deal) is not yet completed and (we) still need to go through more procedures,” SK Group Chairman Chey Tae-won told reporters during his business trip here. Chey visited the US to take part in the 60th anniversary of the Korea Society, an organization which promotes Seoul-Washington ties.

“In order for the contract to be completed, there must be approval from governments. There are also legal disputes which need to be settled,” Chey said, apparently referring to an arbitration suit filed by U.S. company Western Digital Corp.

Chey said he regards the Toshiba deal as an investment rather than just an acquisition.

“I am thinking in detail about ways to bring an environment of coexistence to the chip industry. In that respect, we have earned the opportunity to cooperate with Toshiba,” Chey said.

By Alex Lee and newswires (alexlee@heraldcorp.com)
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