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Electronics major Panasonic Holdings Corp (OTC:PCRFY) has announced plans to sell a portion of its automotive systems division to funds managed by the U.S.-based Apollo Global Management (NYSE:APO).
Panasonic has signed a memorandum of understanding (MOU) with an affiliate of Apollo Global Management to become strategic partners in Panasonic Automotive Systems Corporation’s (PAS) business.
Both parties have expressed their commitment to finalizing the agreement details by March 31, 2024.
PAS provides advanced technologies, in areas such as infotainment systems, that contribute to creating a comfortable, safe, and secure vehicle.
Panasonic emphasized the need for continued investment in its automotive systems business to foster sustainable growth, especially in software development and electrification, which continue to evolve and advance.
In addition to the sale, Panasonic is contemplating a potential future listing of this business segment.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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