Apollo Affiliate to Work on Panasonic Auto Unit Stake Sale (2)

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.

The transaction is part of Panasonic Group Chief Executive Officer Yuki Kusumi’s plan to free up billions of dollars to invest in new areas of ...