Japanese electronics giant Panasonic sold its automotive business to private equity player Apollo Global Management. That is its auto parts business, not Panasonic’s electric-vehicle battery business.
On Friday, Panasonic announced the sale of Panasonic Automotive Systems to Apollo for a price valuing the business at about $2 billion. Panasonic will retain a 20% stake in the new venture.
Panasonic’s…
Japanese electronics giant
sold its automotive business to private equity player
That is its auto parts business, not Panasonic’s electric-vehicle battery business.
On Friday, Panasonic announced the sale of Panasonic Automotive Systems to Apollo for a price valuing the business at about $2 billion. Panasonic will retain a 20% stake in the new venture.
Panasonic’s automotive systems segment generates roughly $10 billion a year in sales. It isn’t the part of the segment that sells EV batteries to the likes of
and other—that is the Panasonic Energy business.
The energy business at Panasonic generates about $6 billion a year in sales.
Panasonic and Apollo didn’t immediately return requests for comment for additional sale details.
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“We are excited to partner with Panasonic Automotive to position the business for accelerated growth,” Tetsuji Okamoto, partner and head of Japan at Apollo, said in a news release. “We have enormous respect for Panasonic Automotive’s reputation for quality and innovation and look forward to working with the Company’s talented team to unlock its full potential.”
Panasonic shares were up 0.5% in overseas trading. Apollo shares weren’t trading, as the U.S. stock market was closed Friday. Through March trading, Apollo stock was up almost 21% year to date, better than the 9% rise of the
Write to Al Root at allen.root@dowjones.com