Japanese electronics giant Panasonic Holdings has announced that it will sell its entire stake in Panasonic Automotive Systems (PAS) to funds managed by U.S. private equity firm Apollo Global Management. The deal, worth 311 billion yen ($2.06 billion), is expected to close by the end of the first quarter of 2025, according to Apollo’s statement.
In addition to selling its stake in PAS, Panasonic will also acquire a 20% stake in Star Japan Holdings, the entity that will own the new parent company of PAS. This move will ensure that the automotive business maintains its strategic relationship with the Panasonic Group, as noted in Apollo’s statement. There are also plans for potentially listing the business in the future, according to Panasonic.
Separately, Panasonic announced that its unit Blue Yonder will be acquiring U.S. digital supply chain network supplier One Network Enterprises for $839 million. The company expects this deal to be finalized in the July-September quarter of 2024.
With these strategic moves, Panasonic is reshaping its portfolio to strengthen its presence in the automotive and digital supply chain sectors. The company continues to seek opportunities for growth and expansion in key markets globally.