Embattled Japanese conglomerate Toshiba on Thursday said Chinese regulators have given approval for its plan to sell its prized chip unit - the final hurdle to complete the deal. Toshiba agreed in September to sell its memory chip business to a consortium led by US investor Bain Capital, which was seen as crucial to keeping it afloat after multi-billion-dollar losses.
But finalisation of the deal had been delayed as Chinese authorities suspended their approval, checking if the sale could violate the nation's anti-trust law. "All required anti-trust approvals have been granted," Toshiba said in a statement.
"All conditions for the closing of the transaction are now satisfied," the firm said, adding that it plans to complete the deal on June 1.
The Bain-led group acquiring the memory chip business includes US tech giants Apple and Dell, as well as South Korean chipmaker SK Hynix.
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