Toshiba receives £14.5 billion takeover bid

An image of a closed Toshiba laptop
(Image credit: IT Pro)

Toshiba has confirmed that it has received a proposal to be acquired by CVC Capital Partners, a Luxembourg-based private equity firm.

In a note published on its website, the company said: “Toshiba received an initial proposal yesterday, and will ask for further clarification and give it careful consideration. The company will make a further announcement in due course.”

The offer, which is for a reported $20 billion (£14.5 billion), came from private equity firm CVC Capital Partners, which has an office in London and its official headquarters in Luxembourg.

Toshiba has had a rocky few years which saw it hit by scandals and forced to sell parts of its business. Over a period of seven years, the Japanese tech giant claimed its profits were $1.3bn higher than they really were, which became known as the Toshiba accounting scandal in 2015. Japan’s Securities and Exchange Surveillance Commission recommended a $60 million penalty to the firm following the accounting fraud.

Toshiba’s president and vice-president left the company as an independent panel found it had overstated its profits.


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In 2017, the company was facing up to $5 billion in losses and attempted to sell its memory chip business in an attempt to raise money. It experienced difficulty as its joint-venture partner, Western Digital, was concerned the sale might violate the companies’ contract. The two companies fell out, particularly as one of Western Digital’s rivals tried to participate in a bidding consortium for the business. Ultimately, Toshiba sold its flash memory unit for $18 billion to a group led by Bain capital.

Furthermore, the company was looking to offload its memory chip unit in 2020 by selling a 40.2% stake in flash memory chip manufacturer Kioxia Holdings. It reportedly wanted to escape the volatility of the semiconductor market.

A few months later, Toshiba officially exited the laptop business after a 35-year run. It sold its remaining 19.9% stake in the Dynabook laptop brand to Sharp. The sale came two years after Sharp bought an 80.1% stake of Toshiba’s PC business for $36 million (£27 million).

Zach Marzouk

Zach Marzouk is a former ITPro, CloudPro, and ChannelPro staff writer, covering topics like security, privacy, worker rights, and startups, primarily in the Asia Pacific and the US regions. Zach joined ITPro in 2017 where he was introduced to the world of B2B technology as a junior staff writer, before he returned to Argentina in 2018, working in communications and as a copywriter. In 2021, he made his way back to ITPro as a staff writer during the pandemic, before joining the world of freelance in 2022.