M&A Deal Summary

Bain Capital Private Equity, Seagate Technology and SK Hynix Acquire Kioxia

On September 28, 2017, private equity firm Bain Capital Private Equity, Seagate Technology and SK Hynix acquired technology hardware company Kioxia from Toshiba for 18.0B USD

Acquisition Highlights
  • This is Bain Capital Private Equity’s 1st, Seagate Technology’s 8th and SK Hynix’s 1st transaction in the Technology Hardware sector.
  • This is Bain Capital Private Equity’s 3rd, Seagate Technology’s and SK Hynix’s largest (disclosed) transaction.
  • This is Bain Capital Private Equity’s 7th, Seagate Technology’s 1st and SK Hynix’s 1st transaction in Japan.

M&A Deal Summary
Date 2017-09-28
Target Kioxia
Sector Technology Hardware
Buyer(s) Bain Capital Private Equity
Seagate Technology
SK Hynix
Sellers(s) Toshiba
Deal Type Divestiture
Deal Value 18.0B USD

Target

Kioxia

Tokyo, Japan
Kioxia is a provider of non-volatile memory solutions. The products can be found embedded in smartphones, MP3 players, satellite navigation systems, digital still cameras and digital video recorders. KIOXIA also produces a wide range of digital media storage devices such as SDHCTM, SDXCTM, microSDTM, and FlashAirTM wireless memory cards and USB flash drives to meet the growing storage needs of electronic devices. Kioxia was founded in 2017 and is based in Tokyo, Japan.

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Buyer(S) 3

Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 161 of 234
Sector (Technology Hardware) 1 of 1
Type (Divestiture) 29 of 37
Country (Japan) 7 of 12
Year (2017) 13 of 19
Size (of disclosed) 3 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-25 Carver Korea

Seoul, South Korea

Carver Korea Co. Ltd. is a Korean cosmetics company that owns a number of brands including A.H.C (Aesthetic Hydration Cosmetics), Shara, and Vivito spanning sectors including skincare, make-up and fashion. The company has an established skincare products portfolio of more than 1,000 products which combines beauty with science to compete in some of the most lucrative segments of the cosmetics industry, such as eye creams, essences, and toners. Carver Korea first gained recognition for its quality through its sales at dermatology and skin care beauty salons. Currently, the company’s cosmetic brands are offered to consumers through various channels, including home shopping television networks, retail stores, duty free shops, beauty salons, skincare clinics and Internet commerce.

Sell €2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-09 TI Fluid Systems

Oxford, United Kingdom

TI Fluid Systems is a producer of fluid storage, carrying, and delivery technology. TI Fluid Systems has five major global product groups, each with a unique focus. These include Fluid Carrying Systems, Powertrain Product Line, Thermal Product Line, Pump and Module Products, and Tank Systems. TI Fluid Systems was founded in 1922 and is based in Oxford, England.

Sell -
Buyer

Seagate Technology

Dublin, Ireland
Category Company
Founded 1978
Sector Technology Hardware
Employees33,400
Revenue 7.4B USD (2023)
DESCRIPTION
Seagate facility in Fremont, California.
Seagate facility in Fremont, California.

Seagate Technology is a provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives magnetic discs and read-write heads, an innovator in tape drives, and a leading developer of Business Intelligence software. Seagate Technology was founded in 1978 and is based in Dublin, Ireland.

DEAL STATS #
Overall 11 of 11
Sector (Technology Hardware) 8 of 8
Type (Divestiture) 4 of 4
Country (Japan) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-16 eVault

San Francisco, California, United States

eVault, Inc. is a provider of online backup services.

Sell $14M
Buyer

SK Hynix

Icheon, South Korea
Category Company
Founded 1949
Sector Semiconductors
Employees28,894
Revenue 27.64T KRW (2023)
DESCRIPTION
SK Hynix facility in San Jose, California.
SK Hynix facility in San Jose, California.

SK Hynix is a developer and manufacturer of memory and non-memory semiconductors. SK hynix was founded in 1949 and is based in Icheon, South Korea.

DEAL STATS #
Overall 4 of 5
Sector (Technology Hardware) 1 of 1
Type (Divestiture) 1 of 2
Country (Japan) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-19 Link_A_Media Devices

Santa Clara, California, United States

Link_A_Media Devices Corp.development of semiconductor SoC solutions for the data storage market. Its mixed signal processing and iterative data recovery technologies enable hard disk drive (HDD) and solid-state drive (SSD) OEMs to increase storage density and reduce manufacturing costs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-19 Intel - NAND Memory Business

Santa Clara, California, United States

Intel Corp.'s NAND Memory Business includes NAND SSD business, the NAND component and wafer business, and the Dalian NAND memory manufacturing facility in China.

Buy $9.0B

Seller(S) 1

SELLER

Toshiba

Tokyo, Japan
Category Company
Founded 1875
Sector Electronics
Employees116,224
Revenue 3.34T JPY (2022)
DESCRIPTION
Toshiba's corporate headquarters in Tokyo, Japan.
Toshiba's corporate headquarters in Tokyo, Japan.

Toshiba is a multinational engineering and electronics conglomerate. The Company manufactures and sells cellular phones, hard disc devices, optical disc devices, and televisions amongst other products. Toshiba was founded in 1875 and is based in Tokyo, Japan.

DEAL STATS #
Overall 4 of 6
Sector (Technology Hardware) 1 of 1
Type (Divestiture) 4 of 6
Country (Japan) 2 of 2
Year (2017) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-30 Toshiba Lifestyle Products & Services

Tokyo, China

Toshiba Lifestyle Products & Services Corporation develops, manufactures and markets white goods, such as refrigerators, washing machines, vacuum cleaners and other small domestic appliances under the Toshiba brand name. Toshiba Lifestyle Products & Services Corporation is based in Tokyo, Japan.

Sell $473M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-04 Westinghouse Electric

Cranberry Township, Pennsylvania, United States

Westinghouse Electric is providing nuclear energy technologies, products and services to utilities around the world. Its mission is to focus on a much broader goal; using the power of intellect, collaboration and innovation to build on the legacy of our founder, and to create a cleaner, safer and sustainable carbon-free future for generations to follow. Westinghouse Electric was founded in 1884 and is based in Cranberry Township, Pennsylvania.

Sell $4.6B
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