A $17.8 billion purchase of Toshiba’s flash memory chip business by a Bain Capital-led consortium has been shortlisted for recognition at The Deal’s inaugural European Awards program. The transaction, in which Pillsbury advised Japanese information and health technology leader and consortium member Hoya Corp., is up for the publisher’s 2018 Most Innovative Deal of the Year award. Winners will be announced at a Nov. 1 awards ceremony in London.

The Deal’s annual awards program was launched this year and celebrates the leaders of the deal economy by recognizing the individuals and firms who are at the core of high-profile transactions and set the trends that impact business globally. Transactions nominated for Deal of the Year represent the most exemplary M&A transactions of the year, including public, private and sponsor-led transactions.

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The complex transaction involved Toshiba selling its shares of Toshiba Memory Corp. to K.K. Pangea, a special purpose acquisition company sponsored by Bain. In addition to Hoya Corp., investors included South Korean chipmaker SK Hynix Inc., U.S. technology firms Apple and Dell, flash memory producer Kingston Technology Corp. and data storage company Seagate Technology plc. The transaction officially closed in March 2018.

Tokyo Finance partner Olivia Matsushita led the Pillsbury team representing Hoya Corp. in the transaction. New York-based partner Jonathan Russo and senior associate Matthew Kane, San Diego-based partners Mike Hird and Richard Segal, Washington D.C.-based partners Michael Sibarium and Nancy Fischer and Tokyo-based senior associate Masao Kasatsugu also were heavily involved.