SK hynix takes 9.1% Penguin Solutions stake in $377M transfer from SK Telecom
In brief
- SK hynix bought 200,000 Penguin Solutions convertible preferred shares for $377.16 million, per a 13D/A filing.
- An SK Telecom subsidiary sold the shares; they did not come from the open market.
- SK Telecom paid $200 million for the same preferred shares in December 2024.
- Penguin Solutions preferred shares carry a 6% cumulative dividend and board nomination rights.
A transfer inside SK Group
These shares didn't come from the open market. Crypto Briefing reported that they moved from Astra AI Infra LLC, a subsidiary of SK Telecom, to SHIFTIX1 LLC (a wholly-owned subsidiary of SK hynix NAND Product Solutions Corp.). It's a transfer between two SK Group affiliates, not a new outside investment.
The filing priced the shares at $1,885.81 apiece. That's where the headline number comes from (200,000 shares at that price works out to roughly $377.16 million).
SK Telecom originally paid $200 million for the same preferred shares in December 2024. Crypto Briefing noted that the internal transfer valued the position at nearly double what SK Telecom paid less than two years earlier.
Same shares, new owner, a higher price tag.
What the preferred shares carry
So what does SK hynix actually get? The preferred shares carry a 6% cumulative dividend, and they come with governance rights, including board nomination privileges and consent rights under the investor agreement. Those rights now sit with an SK hynix entity rather than an SK Telecom one.
Penguin's AI data center business
Penguin Solutions trades on Nasdaq under the ticker PENG and builds AI data center infrastructure. The company designs and integrates the server clusters, networking and storage systems that hyperscalers and enterprises use to run large AI workloads.
The three companies aren't strangers. In January 2025, Penguin, SK Telecom and SK hynix signed a collaboration agreement targeting AI data center solutions, according to Crypto Briefing.
Penguin Solutions has projected fiscal 2026 revenues between $1.5 billion and $1.73 billion.
Frequently asked questions
Did SK hynix buy its Penguin Solutions stake on the open market?
No. According to Crypto Briefing, the 200,000 preferred shares moved from Astra AI Infra LLC, an SK Telecom subsidiary, to SHIFTIX1 LLC, a wholly-owned subsidiary of SK hynix NAND Product Solutions Corp. The transaction closed on October 29.
How much did SK Telecom originally pay for the Penguin Solutions preferred shares?
SK Telecom paid $200 million for the same preferred shares in December 2024. SK hynix's acquisition priced them at $377.16 million, which Crypto Briefing described as nearly double what SK Telecom paid less than two years earlier.
What rights come with the Penguin Solutions preferred shares?
The preferred shares carry a 6% cumulative dividend. They also come with governance rights, including board nomination privileges and consent rights under the investor agreement.
