Toshiba Corp said on Thursday that more than half of its shareholders had participated in a $13.5 billion takeover deal led by private equity fund Japan Industrial Partners (JIP), reaching the threshold to take the company private, ending its 74-year history as a listed entity. Toshiba's history can be traced back to 1875. The company said JIP currently holds 78.65% of its shares and said it would announce a date for delisting from the Tokyo Stock Exchange once a decision is made.
Toshiba's delisting will cap a troubled decade marked by scandals and deep losses.
Toshiba, once known for its technological innovations, paid Japan's largest-ever fine in 2015 for falsifying financial statements. Then the company suffered a disastrous push into nuclear power, forcing it to take a $6.3 billion write-down and sell off its "crown jewel" memory chip business, which has now been reorganized into Kioxia Holdings Corp.
In 2021, the company announced plans to split into three divisions, but revised that plan in 2022 in favor of a two-way split. The then-CEO resigned to take responsibility for the mess, after which the board began soliciting bids to take the company private.