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 .
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