Bain Capital’s ambitions to create a US-Japan chip champion through the merger of Kioxia and Western Digital are in jeopardy due to opposition from one of its key investors.
South Korea’s SK Hynix has refused to sign off on the deal in the final phase of merger negotiations, according to four people with direct knowledge of the talks.
SK Hynix was part of the Bain-led consortium that acquired Toshiba’s semiconductor unit, which was renamed Kioxia, for $18bn in 2018. The deal remains the biggest buyout in Japan by a private equity group.
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