TOKYO—Toshiba Corp. said Thursday it has signed a legally binding deal to sell its memory-chip unit to a group led by U.S. private-equity firm Bain Capital LLC for ¥2 trillion ($17.7 billion), a big step forward in its effort to repair its damaged finances.
The deal still needs approval from antitrust authorities and faces a legal challenge by rival bidder Western Digital Corp., Toshiba’s partner in operating the chip unit.
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