---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-285726"
form_type: "8-K"
ticker: "PENG"
cik: "0001616533"
company_name: "Penguin Solutions, Inc."
filed_at: "2023-11-30T23:59:59+00:00"
generated_at: "2026-06-07T19:52:31.413505+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# SGH completes sale of 81% of SMART Brazil to Lexar Europe for $205M EV; receives $140M upfront

## Summary
- Completed sale of 81% of SMART Brazil to Lexar Europe (affiliate of Longsys) for $205M enterprise value; received ~$140M upfront cash net of adjustments and withholding tax.
- Deferred cash payment of ~$28M (81% of $35M) due 18 months after closing; SGH retains a 19% interest in SMART Brazil.
- Put/call option for remaining 19% stake exercisable in three windows (2027-2029) at 7.5x SMART Brazil's fiscal year net income.
- Advisors: Banco Itaú BBA (financial) and Latham & Watkins (legal) for SGH.

## SEC filing metadata
- accession: 0001193125-23-285726
- form_type: 8-K
- ticker: PENG
- cik: 0001616533
- company_name: Penguin Solutions, Inc.
- filed_at: 2023-11-30T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1616533/000119312523285726/0001193125-23-285726-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1616533/000119312523285726/d604544d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-285726
- JSON: https://secwatch.observer/filing/0001193125-23-285726.json
- Plain text: https://secwatch.observer/filing/0001193125-23-285726.txt

## Key facts
- M&A Transactions
  Penguin Solutions, Inc. completed a disposition involving Lexar Europe B.V. for total enterprise value of $205 million (closed 2023-11-29).
  - Action: disposition
  - Counterparty: Lexar Europe B.V.
  - Consideration: total enterprise value of $205 million
  - Closing: 2023-11-29
  source text: Brazil (the “ Retained Interest ”) (the “ Divestiture ”). At the closing of the Divestiture (the “ Closing ”), Purchaser paid to Seller (based on a total enterprise value of $205 million for SMART Brazil) an upfront cash purchase price of approximately $140 million, which amount reflects certain customary adjustments and estimated withholding tax due in
  evidence_url: https://www.sec.gov/Archives/edgar/data/1616533/000119312523285726/0001193125-23-285726-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.