SK Hynix in talks to buy Tosh’s memory chip business

South Korean chipmaker SK Hynix is in talks with Japanese financial investors about forming a consortium and jointly bidding for Toshiba’s memory chip business.

According to the Korea Economic Daily which found it difficult to get anyone to talk on the record, SK Hynix, the world’s No. 2 memory chip maker behind Samsung plans to give a preliminary bid for the Toshiba chip business today.

The Japanese firm put up the business for sale because it needs the cash to deal with its $6.3 billion writedown caused by the fact that invested in a bankrupt nuclear unit Westinghouse. Tosh has applied to bankrupt Westinghouse and write off its assets.

Tosh’s memory business has been doing well and would make a good partner for SK Hynix if it can gather together enough readies to buy it.