TOKYO, Nov 17 (Reuters) – Japan’s Panasonic Holdings (6752.T) mentioned on Friday it plans to promote a stake in its automotive methods enterprise to funds managed by U.S. non-public fairness agency Apollo World Administration, and has signed a memorandum of understanding with an Apollo affiliate.
Shares of Panasonic surged on the information, ending 5.5% larger in Tokyo commerce.
“The events will proceed discussions on an unique foundation with the intention of finalising the main points of the settlement by March 31, 2024,” Panasonic mentioned in a press launch.
Panasonic additionally mentioned it may doubtlessly listing the enterprise sooner or later.
Continued funding within the automotive methods enterprise can be essential to attain sustained progress for the corporate amid a speedy shift to electrical automobiles and adjustments to car structure, Panasonic mentioned.
The automotive unit makes cockpit and electronics methods. It’s separate from Panasonic’s vitality unit that makes batteries for electrical automobiles, together with these from Tesla (TSLA.O).
Reporting by Daniel Leussink; Modifying by David Dolan and Christopher Cushing
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