Apollo Funds Announce Strategic Partnership with Panasonic Automotive Systems, a Leading Global Supplier of Advanced In-Vehicle Technologies

Panasonic Holdings Corporation to Maintain Significant Minority Stake in Panasonic Automotive to Accelerate Growth Alongside Apollo Funds

Transaction Represents Apollo Funds’ Fourth Private Equity Investment in Japan

NEW YORK, March 29, 2024 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the “Apollo Funds”) have entered into a definitive agreement to acquire a majority stake in Panasonic Automotive Systems Corporation (“Panasonic Automotive” or the “Company”), a global leader in advanced automotive solutions, including integrated cockpit systems and in-vehicle electronics, from Panasonic Holdings Corporation (TYO: 6752) (“Panasonic”) in a transaction valued at a total enterprise value of ¥311 billion, subject to certain adjustments at closing. Panasonic will retain a minority stake in the Company, which will maintain its strategic relationship with Panasonic Group.

Panasonic Automotive is a tier one global automotive supplier that designs and manufactures advanced infotainment systems and other in-vehicle solutions for leading auto manufacturers. The Company has a longstanding track record of technological and manufacturing innovation and benefits from strong market positions across its core segments with customer relationships spanning multiple decades.

Tetsuji Okamoto, Partner and Head of Japan at Apollo, said, “We are excited to partner with Panasonic Automotive to position the business for accelerated growth. This transaction builds on our proven track record of being a strategic partner to Japan’s leading conglomerates and leverages our strong sector and operational expertise. We have enormous respect for Panasonic Automotive’s reputation for quality and innovation and look forward to working with the Company’s talented team to unlock its full potential.”

Michael Reiss, Partner at Apollo, said, “Apollo has deep experience investing in and supporting the growth of automotive supply companies, and we look forward to helping drive Panasonic Automotive’s next phase of growth. Panasonic Automotive operates at an important intersection of the global automotive supply chain, and we are committed to maintaining the Company’s strong relationships with its customers and partners around the world as a key tier one supplier.”