China approves Toshiba's chip unit sale to Bain, reports Japan's NHK

China approves Toshiba's plan to sell memory unit

China approves Toshiba's plan to sell memory unit

Xi Jinping confidante Liu He is now in Washington to discuss the trade dispute.

China has approved the sale to a group led by Bain Capital, the person said, asking to not be identified ahead of an announcement.

A representative for China's State Administration for Market Regulation said he was not aware of the situation and did not comment further.

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The prolonged review had fuelled speculation Toshiba might abandon the deal and pursue alternative plans such as an IPO for the unit.

A lack of approval by Chinese regulators had held up the deal for months. Nevertheless, the regulator's approval will mean that the company now has the green light to complete the transaction, agreed a year ago, which values the company at $18 billion.

The deal had already missed earlier deadlines for clearance as the companies waited on Chinese antitrust authorities to make a decision. In addition, Toshiba will retain a 40 per cent stake and, together with technology firm Hoya, will ensure that Japanese companies retain a controlling stake of just over 50 per cent.

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