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Toshiba selects Bain group to buy its memory unit

Japan's Toshiba Corp will sell its memory business to U.S. Bain consortium.

Toshiba has to sell off its prized memory chip unit to pay for losses in its U.S. nuclear projects and needs to raise the funds by March to avoid delisting its equities from the Tokyo Stock Exchange.

Toshiba shares leaped 2.86 percent to 324 yen on the news.

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