Toshiba has been delisted from the Tokyo Stock Exchange on Wednesday after 74 years, following a decade of upheaval and scandal that brought down one of Japan’s largest firms and ushered in a buyout and an uncertain future.
A group of investors led by private equity firm Japan Industrial Partners is taking the conglomerate private, together with financial services firm Orix, utility Chubu Electric Power, and chipmaker Rohm.
Toshiba is now in domestic hands following a protracted battle with international activist investors that crippled the creator of batteries, electronics, nuclear and defense equipment.
Toshiba in a statement said that it “will now take a major step towards a new future with a new shareholder,” and that it would appreciate continued understanding and support from its stakeholders.
Toshiba’s shares closed at 4,590 yen on Tuesday, down 0.1% from the previous day.
Although it is unclear what form Toshiba will take under its new owners, Chief Executive Taro Shimada, who will remain in his position following the acquisition, is likely to focus on high-margin digital services.
The Japanese government will be keeping a close watch on the situation. Around 106,000 people work for the corporation, and some of its operations are considered crucial to national security.
Four JIP executives will join the board, as will one representative from each of the investors Orix and Chubu Electric. A senior adviser from Toshiba’s principal lender, Sumitomo Mitsui Financial Group, will join the new management team.
Toshiba has already started moving, partnering with Rohm to invest $2.7 billion in manufacturing facilities to develop power chips together.
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