Toshiba has chosen a consortium formed by Bain Capital, Mitsubishi, and Japanese government investors as the preferred bidder for its memory chip business, reports Reuters. This ends the efforts of a Foxconn-led consortium that included Apple to seal the deal.
The selected bid is valued at 2 trillion yen, or over $17.9 billion. Toshiba is spinning-off its core memory chip business and has been seeking outside investors in it. Apple was apparently interested as the move would allow it to lock in memory technology for its iPhone and other products.