Panasonic (PCRFY) to Sell Majority Stake in PAS to Apollo

Panasonic Holdings Corporation (PCRFY) has inked an agreement with Apollo Global Management, Inc. (APO) to sell its majority stake in Panasonic Automotive Systems Corporation (“PAS”) for an aggregate enterprise value of ¥311 billion.The transaction is expected to be completed by the end of the first quarter of 2025, subject to customary closing conditions, including regulatory approvals.Per the agreement, a newly formed company (indirectly owned by the funds managed by Apollo) will acquire all of the shares ...