Toshiba's troubles end in private equity deal. 

 

Toshiba, one of Japan's oldest and biggest firms, is set to end its 74-year stock market history as a group of investors have bought a majority stake.

 

The company has announced that a consortium led by private equity firm Japan Industrial Partners (JIP) has purchased 78.65 per cent of its shares.Under the deal its shares could be taken off the stock market as early as the end of this year.

 

Owning more than two-thirds of the firm allows the group to complete a US$14 billion deal to take it private.

 

The firm's roots date back to 1875, as a maker of telegraph equipment.

 

In 1985, Toshiba launched what it described as "the world's first mass-market laptop computer".

 

However the Tokyo-based company has faced a number of major setbacks in recent years.

 

In 2015, it admitted to overstating its profits by more than a US$1 billion over six years and paid a US$47m fine, which was the biggest in the country's history at the time.

 

Two years later, it revealed major losses at its US nuclear power business and to avoid bankruptcy it sold its valuable memory chip business in 2018.

 

In 1978, Toshiba International Corporation Pty Ltd (TIC) was established in Australia as a wholly-owned subsidiary of Toshiba Japan, specialising in products and services for industrial and engineering sectors. TIC has continued to grow with offices throughout Australia including Queensland, Victoria and Western Australia.