The Bain-led consortium including SK Hynix will make its best endeavors to finalize the deal by March 2018.
SK Hynix is a part of a group of investors led by Bain Capital Private Equity that includes several Japanese and a number of US companies. The Company will invest 395 billion yen (4 trillion won) in the consortium's estimated 2 trillion yen of total investment.
Toshiba said it will sell all shares of Toshiba Memory Corporation to Pangea, a special goal acquisition company formed by a Bain-led consortium.
Bain Capital hopes to take Toshiba's (OTCPK:TOSBF, OTCPK:TOSYY) memory unit public within three years, according to Bloomberg sources. Toshiba will control 40.2 percent and Hoya Corp., a Japanese company, 9.9 percent.
The board at South Korea's No. 2 semiconductor company approved the decision, which will help the South Korean chipmaker advance in a segment known as NAND flash memory chips.
The consortium was selected to buy Toshiba's computer chip unit for 2 trillion yen ($18 billion) last week, but the deal's future remains unclear because Toshiba's USA joint venture partner Western Digital opposes it.
"After the TMC shares are transfered to Pangea, Bain Capital and TMC management will lead TMC's business operations to secure continuous growth", it added.
Toshiba has brought a torturous eight-month saga over the future of the Japanese giant close to an end by signing the $18bn (£13.4bn) agreement to sell its memory chip business to a consortium including Apple.