SK Telecom Sells All Of Its Penguin Solutions Stake To An SK Hynix Unit For $377 Million
The buyer, an indirect SK hynix subsidiary, also takes over the board nomination and consent rights that came with the 200,000 preferred shares.
SK Telecom is out of Penguin Solutions. Its Astra AI Infra vehicle sold all 200,000 convertible preferred shares to an indirect subsidiary of SK hynix for $377,162,666 in a deal that closed October 29, according to an ownership filing made Monday.
$1,885.81 a share, in a private deal
The buyer, SHIFTIX1 LLC, paid $1,885.81 for each preferred share in a privately negotiated transaction. The sale followed a Stock Transfer Agreement dated July 27, 2026, between Astra and SHIFTIX1.
SHIFTIX1 is an indirectly wholly owned subsidiary of SK hynix NAND Product Solutions Corp., which is majority-owned by SK hynix. Astra was a special purpose vehicle SK Telecom set up to invest in Penguin Solutions.
With the closing, SK Telecom and Astra report holding 0% of the company's common stock and no preferred shares. The preferred shares were convertible into common stock.
Board seat and veto rights change hands
The stake carried governance rights under an investor agreement dated June 30, 2025. Astra assigned SHIFTIX1 its board nomination, pro rata, consent and registration rights.
On October 29, Astra, SHIFTIX1, SK hynix NAND Product Solutions, SK Telecom and Penguin Solutions signed a joinder, under which SHIFTIX1 is bound by the investor agreement as if it had signed originally. SK hynix NAND Product Solutions now holds every right the agreement grants to "SKT."
An AI data center builder
Penguin Solutions designs, builds, deploys and manages data centers for artificial intelligence, serving enterprises, sovereign AI initiatives and neocloud providers. Its Integrated Memory segment, which makes memory modules and flash storage, had net sales of $924.0 million in fiscal 2026, the largest of its three segments. Advanced Computing had $558.8 million and Optimized LED $248.7 million, according to the company's annual report for the year ended August 28, 2026.
The company's market value was about $2.7 billion as of Monday morning.
The investor agreement now runs through an SK hynix subsidiary, which holds the rights once reserved for SK Telecom.
Sources
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