Toshiba Corp. has chosen a consortium formed by Japanese, South Korean and U.S. investors as the preferred bidder for the sale of its flash memory business, the company said Wednesday, in a move that appears to have prioritized government concerns.

"Toshiba has determined that the consortium has presented the best proposal, not only in terms of valuation, but also in respect to certainty of closing, retention of employees, and maintenance of sensitive technology within Japan," Toshiba said in a statement.

The consortium, which bid ¥2 trillion, was formed by Innovation Network Corp. of Japan and the Development Bank of Japan — both of which are state-backed bodies — and Bain Capital Private Equity LP, a U.S. investment fund. Toshiba said SK Hynix Inc., a South Korean flash memory manufacturer, is also part of the consortium.