U.S. private equity firm KKR & Co LP (KKR.N) and Japanese government-backed fund, Innovation Network Corp of Japan (INCJ), will submit a joint offer for Toshiba Corp’s (6502.T) memory chip unit, the Nikkei business daily reported on Friday.

Toshiba, the second-biggest NAND chip producer after Samsung Electronics (005930.KS), wants to sell the majority – or all – of its flash-memory chip business, as it seeks to cover charges at its U.S. nuclear business, Westinghouse.

KKR is expected to participate next month in a second bidding round after performing due diligence on Toshiba’s memory chip business, the Nikkei report said.

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