On Friday, Japan’s Panasonic Holdings announced its decision to divest its entire stake in Panasonic Automotive Systems (PAS) to funds managed by U.S. private equity firm Apollo Global Management, followed by an investment in the newly established holding entity.
According to Apollo, the transaction is valued at a total enterprise value of 311 billion yen ($2.06 billion), with adjustments expected at the time of closing, anticipated by the end of the first quarter of 2025.
Panasonic revealed its plan to procure a 20% stake in Star Japan Holdings, the entity set to become the new parent company of PAS. Apollo assured that the automotive business would maintain its strategic ties with the Panasonic Group, as outlined in their statement.
In a separate development, Panasonic announced that its subsidiary, Blue Yonder, would acquire U.S.-based digital supply chain network supplier One Network Enterprises for $839 million. The completion of this deal is expected in the July-September quarter of 2024.
