Japan’s Toshiba has reportedly signed a memorandum to accelerate talks to sell its memory chip business to a consortium of Korean, American and Japanese companies, including South Korean chipmaker SK Hynix.
Japan’s Kyodo News said on Wednesday that the debt-ridden conglomerate also decided to continue negotiations with another suitor Western Digital in the sale of Toshiba Memory.
In June, Western Digital filed a lawsuit to block Toshiba from selling the lucrative chip unit to any third-party consortiums, citing the joint venture partnership between the two companies.
The Japanese business daily Nihon Keizai also reported that Toshiba held a board of directors meeting on Wednesday and signed a memorandum to accelerate talks with the Korea-U.S.-Japan consortium to sell its semiconductor business.
Toshiba reportedly aims to reach an agreement on the sale during a board meeting set for next week.