Seagate to give $1.25 bln of $18 bln deal to buy Toshiba chip unit: Reuters

Sept 28 (Reuters) – Seagate Technology PLC said on Thursday it would contribute up to $1.25 billion towards the purchase of Toshiba Corp’s chip unit by a consortium led by Bain Capital LP.

Toshiba said earlier in the day it had signed an $18 billion deal to sell the unit to the group, overcoming a key – albeit not its last – hurdle as it scrambles for funds to stave off a potential delisting.

Seagate also said it expects to enter into a long-term supply agreement with the unit, Toshiba Memory Corp.

Besides Seagate, Bain’s consortium includes Apple Inc , South Korean chipmaker SK Hynix, Dell Inc and Kingston Technology.