SK hynix became Kioxia's largest shareholder through SPC2, a special-purpose company it established. The change followed Toshiba's sale of its stake, and reports indicate that it will not immediately affect Kioxia's management.
SK hynix's investment vehicle, SPC2, holds shares in Kioxia, making it the company's largest shareholder. SPC2, established by Bain Capital, holds 77.40 million shares, representing a 14.19% stake.
Toshiba, previously Kioxia's largest shareholder, proceeded with the sale of its shares. At this point, its holdings had fallen to 77,038,200 shares, representing a 14.12% stake.
SPC2 is an investment vehicle consolidated with SK hynix. As SK hynix holds convertible bonds (CBs), conversion into shares is required for it to obtain voting rights. Together with the previously established SPC1, the investment structure formed at the time of Toshiba Memory's acquisition provides the backdrop to the change in the largest shareholder.