In March this year, the Toshiba board of directors decided to accept the Japanese Industrial Partners (JIP) led group2 trillion yen (about US$153 billion) and officially launched the acquisition in August this year. After being listed on the Tokyo Stock Exchange for 8 years, Toshiba was officially delisted on December 74.
In recent years, Toshiba was embroiled in an accounting fraud scandal in late July 2015, exceeding $7 billion and leading to the resignation of President Hisao Tanaka. Subsequently, the company spun off its home appliance and medical divisions, including Toshiba Medical Systems. Following losses exceeding ¥10 trillion in fiscal year 2016, the company filed for bankruptcy at its US nuclear power subsidiary, Westinghouse Electric, and divested its semiconductor division to offset losses.
Toshiba Visual Solutions, a company focused on imaging solutions, was subsequently sold to China's Hisense, while its PC business was transferred to Foxconn's Sharp subsidiary and renamed Dynabook. The spun-off Toshiba Memory was later renamed Kioxia.
Another group driving the 2 trillion yen acquisition, led by Japanese industrial partners, is Japan Investment Corp. (JIC), a Japanese government-funded company. Seventeen companies, including Chubu Electric Power Company, financial firm Orix, Nippon Life Insurance Company, Toray Industries, Central Japan Railway Company, Japanese chipmaker Rohm, and automaker Suzuki, participated in the acquisition.
Officially delisted from the Tokyo Stock Exchange and privatized, Toshiba will continue to be led by Taro Shimada, who will continue to serve as CEO, focusing on high-profit digital services.
