TOKYO, Feb 7 (Reuters) - Toshiba Corp wants investment funds including Bain Capital to buy a stake in its flash memory business rather than industry peers such as Micron Technology Inc because doing so will speed up the planned sale, a source said.
Toshiba needs to raise funds by the end of March to offset an imminent multi-billion dollar writedown on its U.S. nuclear power business. There may not be enough time to conclude a deal with another chipmaker, said the source with direct knowledge of the plan.
Micron Technology, SK Hynix Inc and Toshiba’s current memory partner Western Digital Corp have submitted initial bids for a stake that Toshiba says will be less than 20 percent of its NAND flash unit, two other sources familiar with the bidding told Reuters. (Reporting by Makiko Yamazaki, Kentaro Hamada, Junko Fujita and Taiga Uranaka; Editing by Stephen Coates)