On March 23, 2023, a consortium of Japanese companies led by Japan Industrial Partners (JIP) offered to buy 100% of Toshiba for $15.3 billion. After the completion of this deal, Toshiba is expected to become a private company.
The Board of Directors of Toshiba believes that the proposal of JIP is in the interests of the company, will increase its value and profitable for shareholders.
Representatives of JIP have already started the process of approving the deal with antitrust regulators. The purchase will be financed by investments from more than 20 Japanese companies, including Chubu Electric Power, Orix, Rohm, and through bank loans.
Toshiba changed management in 2017 and launched a major restructuring. In February 2023, the company reported an 87.5 percent drop in third-quarter profits due to lower demand for its products. Over the past six months, the company's shares have fallen in price by nearly 20%.
In April 2022, Toshiba Japan announced that it had begun collecting bids from investors and sponsors with proposals to restructure its business, including a sale and privatization. But no investor was found at the time who would agree to buy the company in its entirety.
In April 2021, Toshiba was turned down by the investment fund CVC Capital to buy the company. According to some reports, the buyer was offering about $20 billion for Toshiba.