Penguin Solutions Inc. (NASDAQ: PENG) completed the sale of its remaining 19% stake in Zilia Technologies Indústria e Comércio de Componentes Eletrônicos Ltda. for $46.08 million on March 30, according to a company statement.

The transaction was executed through SMART Modular Technologies (LX) S.à r.l., a wholly owned subsidiary of Penguin Solutions. Lexar Europe B.V. purchased the remaining interest under a stock transfer agreement initially signed on December 29, 2025.

Penguin Solutions no longer holds any ownership in Zilia Technologies following the transaction's completion. The buyer had previously acquired 81% of Seller's interest in Zilia Technologies through a separate stock purchase agreement in November 2023.

Zilia Technologies, formerly known as SMART Modular Technologies do Brasil, operates as a memory module assembly and testing company. The Brazil-based entity focuses on standards-based commodity memory modules for electronics manufacturers serving Brazilian consumers.

Penguin Solutions describes itself as an AI factory platform company that also provides memory and LED solutions for specialized applications. The Fremont, California-based company trades on the NASDAQ exchange under the ticker PENG.