Cara Lombardo, Dana Cimilluca
Micron Technology Inc. /zigman2/quotes/205710729/composite MU -0.41% and Western Digital Corp. /zigman2/quotes/204213617/composite WDC +1.50% are each exploring a potential deal for Kioxia Holdings Corp. that could value the Japanese semiconductor company at around $30 billion, according to people familiar with the matter, as a global scramble for memory chips used in smartphones and other devices heats up.
A deal for Kioxia , controlled by private-equity firm Bain Capital, isn’t guaranteed, and it isn’t clear how one might be structured. Should a deal come together, it could be finalized later this spring, some of the people said.
The Tokyo-based company had been planning an initial public offering before shelving it in late September , citing the coronavirus pandemic and market volatility. An IPO later this year is still a possibility should the company fail to reach agreement on a deal with one of the suitors, the people said.
Kioxia, formerly part of Toshiba Corp. and known as Toshiba Memory, was purchased in 2018 by a group led by Bain that included Apple Inc. /zigman2/quotes/202934861/composite AAPL +1.28% , Dell Technologies Inc. /zigman2/quotes/203822527/composite DELL +1.39% , Kingston Technology Co. and Seagate Technology PLC /zigman2/quotes/201824240/composite STX +1.76% , in a deal worth around $18 billion. Toshiba Corp. /zigman2/quotes/205628942/delayed JP:6502 -0.11% retained a 40% stake in the business, which was renamed Kioxia the following year.
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