Panasonic to sell entire stake in autos business to Apollo Global-managed funds

By Thomson Reuters Mar 29, 2024 | 3:56 AM

TOKYO (Reuters) -Japan’s Panasonic 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.

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 also 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)

(Reporting by Mariko Katsumura and Daniel Leussink; Editing by Christian Schmollinger and Miral Fahmy)