SK hynix affiliate buys $377M Penguin Solutions stake from SK Telecom
What's the deal? SK hynixDealroom has a profile for this one. Try Dealroom → has taken full control of a 9.1% stake in Penguin SolutionsDealroom has a profile for this one. Try Dealroom → after an affiliate bought 200,000 convertible preferred shares from SK TelecomDealroom has a profile for this one. Try Dealroom →'s investment vehicle for $377,162,666. The sale, disclosed in a Schedule 13D/A filing on November 2, 2026, closed on October 29 at $1,885.81 per share.
Who's involved? The buyer, SHIFTIX1 LLC, is an indirectly wholly owned subsidiary of SK hynix NAND Product Solutions Corp., itself majority-owned by SK hynix Inc. The seller was Astra AI Infra LLC, a special purpose vehicle created by SK TelecomDealroom has a profile for this one. Try Dealroom → for its Penguin investment.
What changes? After closing, SK Telecom and Astra no longer hold any Penguin securities. Astra assigned all its rights under the investor agreement — including board nomination, pro rata, consent, and registration rights — to SHIFTIX1, which joined as an investor in SK Telecom's place.
The context: This is an intra-group reallocation within SK GroupDealroom has a profile for this one. Try Dealroom →, not fresh capital for Penguin, which supplies AI data-center and next-generation memory solutions. Astra originally acquired the stake for $200 million in 2024; the $377 million private transfer price should not be read as a market valuation.
Why now? The move aligns the holding with SK hynix's deepening AI ambitions. SK Group chairman Chey Tae-won will chair the board of HYAICO Corp., SK hynix's $10 billion US-based AI investment arm formed this year from a restructuring of its NAND business.
The signal: By concentrating the stake and its investor rights under SK hynix, SK Group is consolidating its AI and memory bets under the semiconductor unit — a sign of where the conglomerate sees its future growth.
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