The Wall Street Journal: Bain-Apple group sign letter of intent to buy Toshiba chip unit

A group including Apple Inc. AAPL, -0.75% and Dell Technologies Inc. surged to the front of a hotly contested race to acquire Toshiba Corp.’s 6502, -3.02% memory-chip business, a crucial supplier to some of the world’s biggest makers of electronic gear.

Toshiba said Wednesday it had signed a nonbinding agreement with the leader of the group, private-equity firm Bain Capital, and intends to reach a deal by the end of September. The bid values the business at about $19 billion, according to people familiar with the matter. Besides Apple and Dell, the Bain group includes disk-drive maker Seagate Technology PLC STX, +2.79% and others.

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