TOKYO: Bain Capital and a Japanese state-backed fund are in talks about teaming up to bid for Toshiba Corp.’s prized chip unit, sources familiar with the matter said.
The US private equity firm would replace rival KKR & Co. LP as the main partner of the state-backed fund and would be a minority investor in the consortium under the plan being discussed, one of the sources said.
Bain submitted a bid in the second round of the auction with South Korean chipmaker SK Hynix.
The current consortium led by the Japan Innovation Network Corp. fund is one of two frontrunners in the race for the world’s second-biggest producer of NAND flash memory chips.
The sources declined to be identified, as the talks were confidential. A representative for SK Hynix declined to comment. A representative for KKR was not immediately available for comment.
Western Digital, which jointly operates a key flash memory chip plant with Toshiba in Japan, has been planning to work with the Japanese state-backed fund and KKR in its proposal.
It recently presented an outline of its proposed bid to Toshiba, separate sources said.
The Japan-backed consortium is competing with US chipmaker Broadcom Ltd., which has partnered with US private equity firm Silver Lake. Some sources say Broadcom may have the upper hand as it has submitted a higher bid that is also likely to invite less anti-trust scrutiny.
The Japan-backed consortium was also seen on the back foot as Western Digital and Toshiba are at loggerheads over the sale of the chip unit, with the California-based firm claiming breach of contract.
In its bid, Western Digital initially hoped to gain a majority holding, but has agreed to limit its stake to 19.9 percent to appease the government, the sources said.
Toshiba is rushing to find a buyer for the business, which it values at $18 billion or more, to cover billions of dollars in cost overruns at its now-bankrupt US nuclear business Westinghouse Electric Corp.
Bain in talks with Japan fund on bid for Toshiba chip unit
Bain in talks with Japan fund on bid for Toshiba chip unit
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
