Silver Lake and Broadcom want Toshiba’s flash

Private equity outfit Silver Lake and US chipmaker Broadcom have offered Toshiba Corp about $17.9 billion for its chip unit.

According to the Nikkei Business Daily, 10 bidders have thrown their hats in the ring to buy a stake the NAND flash memory maker.

These include Western Digital which runs a chip plant with Toshiba in Japan, Micron, and South Korean chipmaker SK Hynix and financial investors.

Toshiba wants to make at least $8.93 billion from the sale of part or all the business to cover write-downs at its Westinghouse nuclear unit. It says it expects investors to value its chip operations at about $17.9 billion. This means that the Silver Lake Broadcom offer is close to the asking price.

Toshiba is also asking potential bidders whether they intend to resell their stakes and wants to decide on the sale before a shareholders meeting in June, the Nikkei said, without saying where it obtained the information.

Toshiba shareholders on Thursday agreed to split off its prized chip unit, paving the way for the sale.