TOKYO (Reuters) – Japan’s Panasonic (OTC:) Holdings said on Friday it would sell its entire stake in Panasonic Automotive Systems (PAS) to funds managed by U.S. private equity firm Apollo Global Management (NYSE:).
The total deal value is 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 also acquire a 20% stake in Star Japan Holdings, the company that will own the new parent company PAS. The automotive business will maintain a strategic relationship with Panasonic Group, Apollo said in a statement.
Panasonic has previously said the business could potentially be listed in the future.
Separately, Panasonic said its Blue Yonder unit would acquire US digital supply chain network provider One Network Enterprises for $839 million, with the deal expected to close in July-September 2024.
($1 = 151.3300 yen)