Penguin Solutions to Sell Cree LED Business to Transom Capital; Reaffirms Fiscal 2027 Outlook

10:07 AM EST, 11/04/2026 (MT Newswires) -- Penguin Solutions (PENG) said Wednesday it will sell its Cree LED business to Transom Capital in an all-cash deal, as the company aims to align its portfolio for AI infrastructure and memory opportunities. Financial details related to the sale were not disclosed. The transaction is slated to close in Q1 of 2027, according to the company. Penguin Solutions reaffirmed its fiscal 2027 outlook, expecting adjusted earnings per share $4.45 and net sales of about $2.43 billion at the midpoint. Analysts expect $4.56 and $2.45 billion, respectively. The company added that it will update its full-year outlook after the sale is completed to reflect the divestiture and related financial impacts. Shares of the company were down 3% in Wednesday trading. Price: 51.71, Change: -1.48, Percent Change: -2.79