Advising Penguin Solutions, Inc. on US$200m Investment from SK Telecom

Penguin Solutions, Inc. (“Penguin Solutions”) (Nasdaq: PENG), a leading designer and developer of high-performance, high-availability enterprise solutions, announced the closing of the previously announced strategic investment of SK Telecom (“SKT”) (NYSE: SKM), an affiliate of SK Group. SKT, through Astra AI Infra LLC, a special purpose vehicle formed by SKT to consummate the investment, has acquired 200,000 convertible preferred shares, par value $0.03 per share, of Penguin Solutions, at a purchase price of $1,000 per share.

Our Corporate team acted as Cayman Islands legal counsel for Penguin Solutions. The team was led by partners Hugh Anderson and Matt Bernardo, and supported by senior counsel Michael Beck, all based in the Cayman Islands.

Congratulations to the Penguin Solutions team. It has been a pleasure assisting with this transaction and working with the excellent Latham & Watkins team, once again.