2017.09.2003:44:00UTC+00Bain Chosen as Buyer of Toshiba’s Prized Chip Unit: Sources

Toshiba Corp. selected a group led by Bain Capital as the buyer of its flash memory chip unit, according to sources.

The decision was finalized by Toshiba's board and is slated to be announced later today, people privy to the matter said.

The sale of one of the biggest producer of NAND semiconductors has been through a number of setbacks and developments, such as revised bids, changing alliances among bidders, and a legal dispute with joint venture partner Western Digital Corp- which still remains a threat that hangs over the sale.

On Tuesday, sources cited by Reuters said that the company is leaning towards selling the unit to a consortium led by Western Digital. However, such deal did not fall through because one source said that Western Digital did not agree on limits to the U.S. company's future stake in the business that has been demanded by the Japanese company.

Toshiba is rushing to complete the sale and has been under pressure from its creditors to secure a deal this month to have enough time for regulatory approvals so it can finish the sale by the end of the fiscal year.