Japan banks set to commit $12.7 bln financing for Kioxia-WDC merger

  • 📰 KitcoNewsNOW
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 78%

Business News News

Business Business Latest News,Business Business Headlines

Market News

TOKYO, Oct 19 - Japan's top banks are set to commit to 1.9 trillion yen financing to support the merger of Kioxia Holdings and Western Digital's flash memory business, four people familiar with the matter told Reuters.

Four Japanese banks - Sumitomo Mitsui Financial Group , Mizuho Financial Group , Mitsubishi UFJ Financial Group and the Development Bank of Japan - have either already submitted commitment letters for the financing or plan to do so by Friday, three of the people said.The potential deal also faces reluctant SK Hynix , a major Kioxia investor and rival, as the South Korean firm fears the deal would create a stronger competitor, one of the people and a separate source said.

The combination of Kioxia - currently the world's No. 2 player in NAND flash memory chips - and Western Digital's fourth-ranked flash business, would control a third of the global NAND flash market, on par with top player Samsung Electronics .

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japan banks set to commit $12.7 billion financing for Kioxia-WDC mergerExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

SK Hynix denies report about approaching SoftBank on Kioxia mergerExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »