Apollo Affiliate to Work on Panasonic Auto Unit Stake Sale
- Automotive business to eventually seek public listing
- Panasonic’s recent move to holding structure preceded deal
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Panasonic Holdings Corp. agreed to sell part of its automotive systems unit, working with an affiliate of Apollo Global Management Inc. and potentially seek a public listing of the business.
The Japanese electronics maker signed a memorandum of understanding with the affiliate and will seek to finalize the deal by March 31, it said in a statement Friday. Panasonic shares jumped 5.5% in Tokyo, the most since May, leaving them up 35% this year.