Akin Gump Advises Kingston Technology in Toshiba Microchip Unit Deal

Wednesday, November 15, 2017 - 16:30

Toshiba Corporation’s Board of Directors, as announced on September 20, has approved the sale of all shares of Toshiba Memory Corporation (TMC), a wholly owned subsidiary of Toshiba, to K.K. Pangea, a special purpose acquisition company formed and controlled by a Bain Capital Private Equity, LP-led consortium. Akin Gump advised Kingston Technology, a member of the consortium, in the matter.

The consortium will pay ¥2 trillion, or roughly $18 billion—an amount based on estimated debt, working capital and capital expenditures by Toshiba and TMC. Toshiba intends to close the deal by the end of March 2018.

The Akin Gump team advising Kingston Technology was led by corporate partner Paul Lin. It included fellow corporate partners Jeffrey Kochian and Carlos Bermudez, corporate counsel Michelle Chan, intellectual property partner Kevin McBride, who provided assistance with analysis and due diligence on the transaction, and litigation senior counsel Hyongsoon Kim.