China approves Toshiba memory sale

May 21, 2018 // By Peter Clarke
China approves Toshiba memory sale
As trade discussions between China and the United States were underway in Washington last week Bain Capital received written approval for its planned $18 billion acquisition of Toshiba Memory Corp.

The approval, from the last of several geographic authorities, was overdue and had apparently been delayed pending a cooling off of the trade war that had been developing over the previous months between the US and China.

Beijing has now reportedly agreed to "substantially reduce" America’s trade deficit with China but at the same time remains determined to foster its own semiconductor and electronics industries, areas where it has large deficit with the rest of the world. The situation has been described as truce and in the trade war.

On Thursday Bain said in a statement: " Today we received written approval for the acquisition of Toshiba Memory Corporation from the antitrust authorities in China. All antitrust approvals have now been received and we are looking forward to closing this investment. 

There have been reports that China has also resumed evaluating Qualcomm's takeover of NXP Semiconductors which had stalled in a similar manner was apparently an expression of China's concern over the imposition of new tariffs by the US and its application of an embargo on Chinese telecommunications company ZTE Corp.

Related links and articles:

www.baincapital.com

News articles:

Qualcomm, Toshiba deals at risk as China slows reviews

President Trump reverses ZTE ruling via tweet

US export ban on ZTE will hurt Qualcomm, others

Activist investor questions Toshiba memory deal


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