Bain Capital-led consortium acquired 60% of Toshiba Memory Corp, a wholly owned subsidiary of Toshiba, for $18bn. Bain Capital together with Toshiba, who remains a significant investor, will control the Board and governance of the company. It will support TMC management to ensure the business and key semiconductor technology remain in Japan. Hoya, a global diversified company of innovative high-tech and med-tech products, also invested in TMC as a common equity holder. David Gross-Loh, a Managing Director of Bain Capital Private Equity, said “This is a positive outcome for both the company and the broader industry as it ensures an independent Toshiba Memory Company. The business will remain in Japan and continue to develop its leading semiconductor technology supported by significant capital investments planned by our consortium. Further, the participation of leading industry players will ensure that the semiconductor industry remains highly competitive and can respond to fast-changing demands."