Feb 08, 2017 06:14 AM EST

SK Hinyx Makes Toshiba Bid For Memory Chip

Several companies such as SK Hinyx, Foxconn Technology Group and Silver Lake are competing to purchase a portion of Toshiba's memory chip business. Money from the sale will reportedly go to paying the $6 billion losses the firm's nuclear construction ambitions had incurred.

According to people who are close to the sale negotiations, a number of potential buyers have been lining up in a bid for a stake in the memory chip business, as reported by Financial Times. Among the potential buyers are SK Hinyx, Silver Lake, and Foxconn Technology Group.

Silver Lake and Foxconn Technology Group have not made any announcement as to whether they are buying bids or not. However, they remain to be on the list of possible buyers.

Foxconn Technology Group did not comment on whether it will put in a bid or not, but neither did it rule it out. Similarly, Silver Lake declined to give a comment in regards to the rumors.

On the other hand, the chipmaker from South Korea, SK Hynix, is so far the first firm to publicly announce its non-binding bid, wrote Financial Times. The offer price was not revealed.

Analysts are saying that Hynix is interested in the purchase in order to obtain Toshiba's technology behind Nand chips. A bigger share on the market could result from the sale.

The selling of a portion of its memory chip business is an effort made by the Japanese company in order to raise money in order to pay for the losses that its nuclear construction ambitions have incurred. As reported by Jobs & Hire, the losses are up to $6 billion and it led to Toshiba pulling out of the nuclear construction business. Read more about it here.

The Financial Times wrote that analysts are expecting a write-down between $4 billion and $7 billion.

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