Apple (NASDAQ:AAPL), Dell (NYSE:DELL), Seagate (NASDAQ:STX), and Kingston Technology will sell their preferred shares back to Toshiba Memory by the end of May, according to Wall Street Journal sources.
The more than $4B sale is part of a refinancing plan backed by a forthcoming package of up to $11.8B from Japanese banks. Simplifying its capital structure could help Toshiba Memory list itself and access public equity funds.
The companies helped the Bain-led consortium take over the chip maker from former parent Toshiba last summer, blocking Western Digital from taking control of a JV with Toshiba.
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