TOKYO (Reuters) -Japan's Panasonic Holdings said on Friday it will sell its entire stake in Panasonic Automotive Systems (PAS) to funds managed by U.S. private equity firm Apollo Global Management. The transaction has a total enterprise value of 311 billion yen ($2.06 billion), subject to adjustments at closing, which is expected by the end of the first quarter of 2025, Apollo said in a statement. Panasonic said it will also acquire a 20% stake in Star Japan Holdings, the company which will own the new parent company of PAS.
Panasonic Holdings Corporation to Maintain Significant Minority Stake in Panasonic Automotive to Accelerate Growth Alongside Apollo Funds Transaction Represents Apollo Funds’ Fourth Private Equity Investment in Japan NEW YORK, March 29, 2024 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the “Apollo Funds”) have entered into a definitive agreement to acquire a majority stake in Panasonic Automotive Systems Corporation (“Panasonic Automotive” or th
NEW YORK, March 28, 2024 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) plans to release financial results for the first quarter 2024 on Thursday, May 2, 2024, before the opening of trading on the New York Stock Exchange. Management will review Apollo’s financial results at 8:30 am ET via public webcast available on Apollo’s Investor Relations website at ir.apollo.com. A replay will be available one hour after the event. Apollo distributes its earnings releases via its website and email lists. Those int