SK hynix is believed to have attained a position close to that of Kioxia's de facto largest shareholder. After Toshiba sold and transferred its position as the largest shareholder, the SPC expanded its shareholding, and its influence could increase through the exercise of rights attached to the convertible bonds.
Kioxia Holdings announced on the 10th that its largest shareholder had changed from Toshiba to BCPE Pangea Cayman 2, an SPC operated by Bain Capital. BCPE Pangea Cayman 2 holds 77.40 million shares, representing a 14.19% stake.
SK hynix holds convertible bonds issued by the SPC. The structure would allow it to secure a majority of voting rights if the bonds were converted into shares, potentially giving it a position equivalent to that of the de facto largest shareholder. However, this is not expected to lead to the immediate exercise of management control.
Toshiba filed a report with the Kanto Local Finance Bureau, disclosing that its shareholding ratio had changed from 15.1% to 14.06%. It had sold shares in the market 7 times since last year.
The relationship between SK hynix and Kioxia dates back to 2018, when the investment was structured as an indirect investment through convertible bonds. Kioxia was listed on the Tokyo Stock Exchange at the end of 2024, and Toshiba is believed to be proceeding with sales of its shares in an effort to maximize shareholder value.