Toshiba Memory to Receive $2.7bn From Development Bank of Japan: Nikkei
The Development Bank of Japan is considering an investment of up to 300 billion yen ($2.71 billion) in Toshiba Memory, Nikkei Asian Review reported on Thursday.
The Innovation Network Corporation of Japan, a public-private fund, is also in talks to buy an equity stake in Toshiba Memory, according to the report.
The moves by the government affiliated institutions come ahead of Toshiba Memory's planned initial public offering later this year.
Toshiba sold Toshiba Memory to a coalition of Japanese, U.S. and South Korean companies, including American private-equity fund Bain Capital, in June.
Toshiba retains an equity stake in Toshiba Memory and together with other Japanese companies, they have a combined majority of Toshiba Memory's voting rights.
The DBJ and the INCJ have also considered buying into Toshiba Memory even after its listing to ensure Japanese companies would maintain a certain level of sway over the chipmaker. The two companies have rights to indirectly exercise voting rights held by Toshiba.