Toshiba shares rise on report Broadcom chosen as chip unit buyer

Toshiba shares rise on report Broadcom chosen as chip unit buyer

A joint bid by private equity firm Kohlberg Kravis Roberts (KKR) and Innovation Network Corp. of Japan (INCJ) is also among those still being scrutinized by Toshiba and could have the inside track because of its participation by a Japanese public-private partnership. Hon Hai, the Apple iPhone assembler better known as Foxconn Technology Group, is said to be offering more than USD18 billion to acquire the chip-making division. Foxconn acquired Sharp previous year in a deal worth in the neighborhood of $3.5 billion.

Broadcom has teamed up with USA buyout firm Silver Lake in its bid for the chip business, sources have told Reuters previously. It is not willing to discuss specifics of the deal, including financials, but said it would provide details "at the appropriate time". The interest from Apple is not surprising.

Apple and Amazon are key customers of Foxconn, with more than half of Foxconn's revenue a result of supplying components and assembling products for Apple, in addition to manufacturing Kindle Echo speakers and e-readers for Amazon. The two companies have a close relationship.

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In addition, it is also unclear at this stage if the investment will be financing for the deal or a direct investment into the Toshiba business. Part of that lofty valuation is due to Toshiba's ties with China. The Japanese government has pledged to stop any deal for Toshiba's chip unit that might see technology transferred out of the country.

The Foxconn-Apple-Amazon alliance will be up against Western Digital Corporation (WDC) and its allies, in particular the Innovation Corporation Network of Japan (ICNJ) and U.S. private equity biz KKR, though ICNJ's hookup with KKR is reportedly not a done deal.

He said that if Hon Hai's acquisition bid succeeds, it would guarantee bank loans for Toshiba Memory and would not dispose of the company exclusively for profit.

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