TOKYO (dpa-AFX) - Apollo Global Management, LLC (APO) said on Friday that funds managed by Apollo affiliates, or Apollo Funds, have entered into a deal to acquire a majority stake in Panasonic Automotive Systems Corporation from Panasonic Holdings Corporation (PCRFY.PK, PCRFF.PK) for 311 billion yen.
Panasonic Automotive is a maker of advanced infotainment systems and other in-vehicle solutions for major automobile companies.
Post transaction, Panasonic will retain a minority stake in Panasonic Automotive.
The deal is expected to be closed by the end of the first-quarter of 2025.
Tetsuji Okamoto, Partner and Head of Japan at Apollo, said: 'We are excited to partner with Panasonic Automotive to position the business for accelerated growth. This transaction builds on our proven track record of being a strategic partner to Japan's leading conglomerates and leverages our strong sector and operational expertise.'
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