Japan’s Panasonic Holdings announced on Friday that it will sell its entire stake in Panasonic Automotive Systems (PAS) to funds managed by US private equity firm Apollo Global Management. The deal has a total enterprise value of ¥311 billion ($2.06 billion) and is expected to close by the end of the first quarter of 2025, according to Apollo.
In addition to selling its stake in PAS, Panasonic also plans to buy a 20% stake in Star Japan Holdings, the entity that will own PAS’s new parent company. This move will ensure that the car company maintains its strategic relationship with the Panasonic Group, as stated in the Apollo statement. Furthermore, there are plans to potentially list the business in the future.
Panasonic also made another strategic move on Friday when its Blue Yonder unit announced that it will buy US digital supply chain provider One Network Enterprises for $839 million. The company expects this deal to be finalized in the July-September 2024 quarter.
With these moves, Panasonic is reshaping its portfolio to strengthen its presence in the automotive and digital supply chain sectors. The company continues to seek growth and expansion opportunities in key global markets.