SK hynix-Backed SPC Becomes Kioxia’s Largest Shareholder
As the largest shareholder of Kioxia Holdings (formerly Toshiba Memory), an enterprise dedicated to NAND flash and heralded as the pride of Japanese semiconductors, changes hands, South Korea’s SK hynix has effectively secured the position of Kioxia’s largest shareholder. This marks a decisive rever
In a recent development, South Korea's SK hynix has become the largest shareholder of Kioxia Holdings, once known as Toshiba Memory. This shift in corporate governance, which took place eight years after an indirect investment by SK hynix, marks a significant change in the management structure. According to the Tokyo Stock Exchange's disclosure system, Toshiba, Kioxia's former largest shareholder, reduced its stake from 14.48% to 14.12% after selling over 5.4 million shares.
Meanwhile, a U.S.-based Bain Capital entity, SPC2, maintained its 14.19% stake and surpassed Toshiba to become Kioxia's largest shareholder. This change of ownership has generated considerable interest within the global semiconductor industry, as SK hynix holds the majority of SPC2's voting rights. To exercise these rights, SK hynix must convert its convertible bonds into shares following antitrust approvals in countries like South Korea, Japan, the U.S., and China.
Despite not having voting rights at present, SK hynix's significant investment in Kioxia is expected to bolster its influence and voice within the company, particularly as the demand for NAND flash memory continues to grow.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
