After being listed on the Tokyo Stock Exchange for over seven decades, Toshiba (OTCPK:TOSBF) has successfully concluded a ¥2T ($13.5B) tender offer that will take the Japanese conglomerate private. This milestone paves the way for Toshiba to be delisted as a publicly traded firm.

In the tender offer led by private equity firm Japan Industrial Partners, approximately 79% of Toshiba’s shareholders tendered their shares at ¥4.6K per share. Additionally, shareholders voted to retain all 11 directors on the board.

The decision to go private comes after Toshiba faced financial setbacks, including an accounting scandal in 2015 where it overstated its profits and the bankruptcy filing of its U.S. nuclear unit Westinghouse Electric in 2017.

In 2021, Toshiba had announced plans to split into three businesses, which was later revised to two units. However, before the split could be completed, JIP made the buyout offer earlier this year.