Bain Capital plans to be the biggest investor in Toshiba Corp‘s (6502.T) chip unit, providing 850 billion yen ($7.7 billion) in equity as part of a consortium that also includes Japan government investors, three sources briefed on the matter said.

The U.S. private equity firm will, however, obtain around half that amount in financing from South Korean chipmaker SK Hynix (000660.KS), the sources said, declining to be identified due to the sensitivity of the negotiations.

Toshiba said earlier it has chosen a consortium of Bain and Japanese government investors as the preferred bidder for its chip business, aiming to clinch a deal worth some 2 trillion yen ($18 billion) by next week as it scrambles for funds to cover massive losses.

READ FULL ARTICLE HERE