Toshiba to be delisted after 74 years, faces future with new owners

Toshiba will be delisted on Wednesday after 74 years on the Tokyo exchange, following a decade of upheaval and scandal that brought down one of Japan's biggest brands and ushered in a buyout and an uncertain future. The conglomerate is being taken private by a group of investors led by private equity firm Japan Industrial Partners which also includes financial services firm Orix, utility Chubu Electric Power, and chipmaker Rohm. Although it is not clear what shape Toshiba will ultimately take under its new owners, Chief Executive Taro Shimada, who is staying in his role following the buyout, is expected to focus on high-margin digital services. "Toshiba's difficulties ultimately were caused by a combination of bad strategic decisions and bad luck," said Damian Thong, head of Japan research at Macquarie Capital Securities. The new management team will be joined by a senior adviser from Toshiba's main lender, Sumitomo Mitsui Financial Group.