Toshiba has ceased to be a public company – Kommersant

Toshiba announced (.pdf) to delist from the Tokyo Stock Exchange, where its shares have been listed for the past 74 years. The Japanese company is now owned by a consortium of investors led by private equity firm Japan Industrial Partners (JIP).

Toshiba’s operations have been plagued by numerous challenges over the past ten years. After scandal with financial statements in 2015 and problems with the American division of Westinghouse Electric in 2017, the company changed management and launched a large-scale restructuring. The measures taken allowed it to return to profit for some time.

A year ago Toshiba received offer about the purchase from the investment fund CVC Capital Partners. The volume of the deal could have been about $20 billion. However, the deal did not take place, since the board of directors “decided to abandon it.” In February 2022, the corporation unveiled plans to split into two companies as part of strategic development and in order to restore falling sales. However, Toshiba shareholders did not support these management plans.

In February 2023, the company reported an 87.5% drop in third-quarter profit due to reduced demand for its products. After this, the company put itself up for sale. In March received and an offer to purchase Toshiba by a consortium led by JIP was accepted. And at the beginning of August the leadership announced about the start of a tender for the purchase. In September Toshiba reported about the successful completion of the process of repurchasing a significant share of the company’s shares by a consortium, which now owns 78.65% of the shares of the Japanese manufacturer of electronics and household appliances. Now Toshiba will “take a big step forward into a new future with a new shareholder,” the company said in a statement today.

Kirill Sarkhanyants