Panasonic to Sell Autos Business to Apollo Global-Managed Funds
16:03 JST, March 30, 2024
TOKYO (Reuters) – Japan’s Panasonic Holdings 6752.T 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, 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)
"Business" POPULAR ARTICLE
-
Japan, U.S., Philippines to Strengthen Nickel Supply Chains; Reduce Reliance on China for Critical Minerals
-
Shinkansen to Have Private Rooms by FY 2026, JR Tokai Announces
-
Survey: 80% Worried About Recognizing AI as Patent Inventor; Respondents Fear Increase in Unverified Inventions
-
Japan’s Docomo To Sell Contactless Smart Rings; Users Can Make Payments at the Wave of a Hand
-
Japan Top Currency Diplomat: No Comment on Exchange Rate Fluctuations
JN ACCESS RANKING
- China Mutes Memorialization of Reformer Hu Yaobang; Memories Could Spark Critique of Xi Administration
- Shinkansen Services Suspended After Man ‘Searches for Phone’ on Tracks; Disruption Affects About 14,000 Passengers
- U.S. 7th Fleet officer Arrested on Suspicion of Stealing Sushi, Sashimi, Chicken at Kanagawa Shopping Mall; Suspect Caught Mid-Meal
- UNRWA Director Describes Catastrophic Destruction in Gaza; Says Relief Trucks Robbed, ‘People’s Hearts Destroyed’
- JAL Airplane Experiences Radio Malfunction During Flight, Lands Safely By Relying on Light Signals