Toshiba Corp. is looking to raise at least ¥1 trillion ($8.8 billion) from the sale of its memory chip business and will aim to complete the transaction by March 2018, according to a source familiar with the matter.
The deal will likely result in Toshiba relinquishing majority control over the unit, which could be valued as high as ¥2 trillion, the source said, asking not to be identified as the matter is private.
The company wants to take time to negotiate the best price possible without setting a concrete deadline, although it aims to reach an agreement before the end of the next fiscal year, according to the source.