Bain Capital now serves as the largest shareholder of Japanese chipmaker Kioxia Holdings. The private equity firm increased its stake to 14.19% through its BCPE Pangea Cayman2 entity. Former parent company Toshiba Corp. now holds a 14.12% stake.
The ownership shift highlights a potential conflict of interest involving South Korean rival SK Hynix. SK Hynix holds convertible bonds granting it claims on nearly all voting rights within Bain’s holding entity. This arrangement could create competitive friction between the two major NAND memory producers.
Kioxia completed an ¥800 billion share buyback program. The company finalized the repurchases on August 10. The company beat its original October 30 deadline. Kioxia repurchased approximately 2.9% of its outstanding shares.