日经：TDK拟出售HDD磁头业务，正与东芝、希捷谈判，但监管批准与交易能否达成均不确定

TOKYO -- Japanese electronic components maker TDK is moving to sell its magnetic head business for hard disk drives (HDDs), entering talks with customers Toshiba and U.S.-based Seagate Technology.
Besides the price, whether or not Japanese regulators approve the sale will be a focus going forward on a deal.
Demand for HDDs is surging as more data centers are built to accommodate the artificial intelligence boom. Magnetic heads are key components that read and write data, and Toshiba and Seagate are considering buying TDK's operations to ensure stable supplies.
TDK has grown by reshuffling its business portfolio. The company aims to sell its magnetic head business at a high price while it benefits from AI-driven demand, securing funds to invest in priority businesses such as batteries and sensors for data centers.
Regarding the possible sale, TDK said it is "strengthening business portfolio management and taking other steps to further enhance corporate value."
TDK's magnetic application products business, which centers on magnetic heads, posted revenue of 262.9 billion yen ($1.66 billion) for the fiscal year ended March, up 18% on the year. Operating profit surged eightfold to 27 billion yen. The sale price is expected to be in the hundreds of billions of yen.
Negotiations are still in the early stages, and TDK could ultimately hold on to the business. Toshiba first entered talks with TDK about an acquisition, after which Seagate apparently offered a higher bid, according to multiple people familiar with the matter.
Consolidation in the HDD industry has picked up since 2000 as the market matured. U.S.-based Western Digital leads the global market with a 43% share, according to research firm Techno Systems Research, followed by Seagate at 40% and Toshiba at 17%, leaving the market dominated by three companies.
TDK is the world's only independent supplier of magnetic heads. The company supplies roughly 80% of its output to Toshiba, with the remainder going to the two U.S. HDD makers. Western Digital and Seagate also produce magnetic heads in-house.
Toshiba, which relies entirely on TDK for the component, is wary of an acquisition by Seagate. Such a deal could give the American company insight into Toshiba's cost structure and other information. Meanwhile, Seagate makes its own magnetic heads, but the company seeks to expand its supply in anticipation of market growth.
But mergers and acquisitions in a market dominated by few companies face strict scrutiny from competition authorities. Economic security considerations will also be key. New guidelines on M&As released in July by Japan's Ministry of Economy, Trade and Industry explicitly listed strengthening domestic supply chains as a factor to be considered in such deals.
AI infrastructure is becoming increasingly important, and Japanese companies supply many of the components used in HDDs. If the government determines that a sale poses economic security concerns, it could be cautious about the deal.
In ordinary M&A, the highest bidder typically emerges as the buyer. But deals involving AI infrastructure come with complex consideration such as antitrust and economic security, making the outcome of the TDK negotiations difficult to predict.