Latham & Watkins Advises Penguin Solutions in Sale of Cree LED to Transom Capital Group

Penguin Solutions, Inc. (Nasdaq: PENG), the AI factory platform company, announced that it has entered into a definitive agreement to sell its Cree LED business to Transom Capital Group, a leading operations-focused middle-market private equity firm. The transaction is expected to close in the first calendar quarter of 2027, subject to the satisfaction of customary closing conditions.

Latham & Watkins LLP represents Penguin Solutions in the transaction with a corporate deal team led by Bay Area partners Mark Bekheit and Tessa Bernhardt, with associates Luke Blackett, Isabelle Tatum, Sabine Dahi, and Connor McCroskey, and assistance from Adam Bowser. Advice was also provided on tax matters by Bay Area partner Grace Lee, with associate Gregory Conyers; on compensation and benefits matters by Bay Area partner James Robinson, with associate Julia Lee; on labor and employment matters by New York partner Sandra Benjamin, with associates Alexis Grinstead and Alexis Pinzon; on intellectual property matters by Bay Area counsel Arielle Singh, with associates Ryan Sanders and Wes Dantzler; on antitrust matters by Bay Area partner Joshua Holian, with associate Hanna Nunez Tse; on data privacy and cybersecurity matters by San Diego/Bay Area counsel Jennifer Howes, with associate Sarah Zahedi; on trade controls matters by Washington, D.C. partner Andrew Galdes, with associates Matthew Gregory and Monica Calce; on anti-corruption and anti-bribery matters by Washington, D.C. counsel Timothy McCarten; on finance matters by New York/Los Angeles partner Nathan Whitaker, with associate Rychelle Andersen; on real estate matters by New York counsel Karen Ritter; on Hong Kong and China corporate matters by Hong Kong partner Stephen Shi, Hong Kong counsel Michael Ning, and Beijing counsel Jason Zhao, with associates Yvette Ho, Vincent Jiang, and Stephanie Li; on capital markets matters by Bay Area partner Erica Kassman, with associates Jamie Conn and Judy Shamshikh; on insurance matters by Los Angeles partner Harrison White; on government contracts matters by Washington, D.C. partner Kyle Jefcoat; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Kate Johnstone.