Kioxia (fka Toshiba Memory)

active

Technology (Japan) — Bain Capital consortium

Deal Terms

Entry Year2018

Entry EV$18B

Entry Multiple8x

Leverage5x

Debt Amount$9B

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

Bain-led consortium (Apple, Dell, Kingston, Seagate, SK Hynix, INCJ) bought Toshiba's memory chip unit for $18B (2018) — largest Asia-Pacific LBO ever. $9B+ debt. Toshiba retained stake. IPO'd Dec 2024 at just ~$5B valuation — Bain sought $10B but investors balked. NAND flash memory cyclicality makes PE returns uncertain. Massive value destruction from peak.

Sponsor

Bain Capital$185B AUM