Panasonic to sell entire stake in autos business to Apollo Global-managed funds

Panasonic Corp's logo at Panasonic Center in Tokyo, Japan.

Credit: Reuters Photo

Tokyo: Japan's Panasonic Holdings said on Friday it plans to sell its entire stake in Panasonic Automotive Systems to funds managed by US private equity firm Apollo Global Management.

Panasonic will also acquire a 20 per cent stake in Star Japan Holdings, the company which will own the new parent company of PAS.

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