Panasonic to sell autos business to Apollo Global-managed funds
Reuters
Published Mar 29, 2024 04:56AM ET
Updated Mar 29, 2024 12:15PM ET
TOKYO (Reuters) -Japan's Panasonic (OTC:PCRFY) Holdings said on Friday it will sell its entire stake in Panasonic Automotive Systems (PAS) to funds managed by U.S. private equity firm Apollo Global Management (NYSE:APO), and then make an investment in the new holding entity.
The transaction has a total enterprise value of 311 billion yen ($2.06 billion), subject to adjustments at closing, which is expected by the end of the first quarter of 2025, Apollo said in a statement.
Panasonic said it will acquire a 20% stake in Star Japan Holdings, the company which will own the new parent company of PAS. The automotive business will maintain its strategic relationship with Panasonic Group, Apollo said in its statement.
Panasonic has previously said the business could potentially be listed in the future.
Separately, Panasonic said its unit Blue Yonder would acquire U.S. digital supply chain network supplier One Network Enterprises for $839 million, expecting the deal to be completed in the July-September quarter of 2024.
($1 = 151.3300 yen)
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Written By: Reuters
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