Panasonic to Sell Auto Unit Stake to Apollo Funds for $2 Billion

Panasonic Holdings Corp. agreed to sell part of its automotive systems unit to affiliates of Apollo Global Management Inc., concluding a deal that they reached in November.

The enterprise value of the transaction is ¥311 billion ($2.1 billion), subject to adjustments, Apollo said in a statement Friday. The Japanese electronics maker, which had signed a memorandum of understanding with the affiliate, said its board agreed to the deal on Friday.

Panasonic will transfer all of Panasonic Automotive Systems to another entity, and acquire an indirect 20% stake in the entity, it said in a statement. The transaction is part ...