Apple’s most important manufacturing parter is getting ready to make a huge investment that could soon make it one of the world’s biggest chipmakers.

The Japanese government is hoping Toshiba will sell itself to a domestic company, but Hon Hai Precision Industries (aka Foxconn) is preparing to make a huge offer for the company that could shake-up the tech world.

Foxconn’s bid could come in as high as $27 billion, according to a report from Bloomberg. Broadcom and South Korea-based SK Hynix have also supposedly sent preliminary bids on Toshiba’s business.

A single Japanese buyer has yet to surface. Toshiba could seek a bailout where multiple domestic companies toss in a small amount of capital to prop it up. A spokesperson for Fujifilm told Bloomberg it is considering participating in such a bailout once the investment framework is more clear.

Japan’s top concern is that the company will transfer Toshiba’s intellectual property to China as well as manufacturing jobs.

Toshiba has been wrought with financial problems the last few years. It’s Westinghouse nuclear division has suffered billions in losses. Even though the company has over 600 divisions, its flash memory chip is its most valuable asset.

Foxconn scooping up Toshiba’s chip making powers would give it an even stronger foothold in the smartphone market. It is Apple’s top assembler and recently purchased a controlling stake in iPhone-display maker Sharp.

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