Toshiba to go private after 74 years
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The news: Once a laptop producing powerhouse, Toshiba will disappear from the Tokyo Stock Exchange on Wednesday after 74 years of public ownership.
A group of private equity businesses are taking Toshiba in a different direction, according to Reuters. This includes producing power chips with one of its new owners.
The numbers: Japan Industrial Partners led a $US14 billion takeover. Other investors include financial services group Orix, Chubu Electric Power and chipmaker Rohm.
The context: Toshiba has also been well known for producing chips, batteries and nuclear and defence equipment. However a decade of poor practices and decisions impacted its finances. These include accounting irregularities, a messy sale of its chip business, problems counting shareholder votes and investor frustration.
