Kioxia says investment vehicle for SK Hynix is top shareholder
South Korea's SK Hynix holds bonds that can be converted into "substantially all" of the voting rights of BCPE Pangea Cayman2.
Kioxia's largest shareholder is an investment vehicle called BCPE Pangea Cayman2, according to the chipmaker. This firm, established by Bain Capital, currently holds a 14.19% stake in Kioxia, surpassing Toshiba's reduced ownership of 14.12%. SK Hynix, South Korea's leading flash memory maker, has a significant influence over BCPE Pangea Cayman2 through bonds that convert into nearly all of its voting rights.
The Japanese company explicitly acknowledges this potential conflict of interest in its annual report. Initially, SK Hynix participated in a Bain Capital-led acquisition of Kioxia in 2018, agreeing to maintain its stake below 15% until 2028, unless Kioxia permits an increase.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- SK hynix faces dilemma as de facto largest Kioxia shareholder koreatimes.co.kr
- Kioxia says investment vehicle for SK Hynix is top shareholder businesstimes.com.sg
