Panasonic Holdings plans to sell a stake in its automotive systems business to U.S. private equity firm Apollo Global Management-managed funds. A memorandum of understanding has been signed with an Apollo affiliate, driving Panasonic shares up by 5.3% in Tokyo trade.
The company is considering a potential future listing of the automotive systems business. Discussions on the agreement’s details are ongoing, with the aim of finalization by March 31, 2024, as per Panasonic’s press release.
Panasonic emphasizes the need for continued investment in the automotive systems business to ensure sustained growth, given the rapid shift to electric cars and changes in vehicle architecture.
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