secwatch.observer — SEC 8-K summary
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Issuer:     Penguin Solutions, Inc. (PENG)
CIK:        0001616533
Form:       8-K
Filed at:   2023-11-30T23:59:59+00:00
Accession:  0001193125-23-285726
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1616533/000119312523285726/0001193125-23-285726-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1616533/000119312523285726/d604544d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-285726

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