Apollo Funds to Form Strategic Partnership With Panasonic Automotive Systems in $2.05 Billion Deal

Paul, Weiss is advising funds managed by affiliates of Apollo Global Management in their acquisition of a majority stake in Panasonic Holdings Corporation (PHC)’s automotive business, known as Panasonic Automotive Systems, Co., Ltd. (PAS), in a transaction valued at a total enterprise value of ¥311 billion (approximately $2.05 billion), subject to certain adjustments at closing. PHC will retain a minority stake in PAS and maintain the strategic relationship with Apollo and PAS.

PAS is a tier one global automotive supplier that designs and manufactures advanced infotainment systems and other in-vehicle solutions for leading auto manufacturers. PAS 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. The transaction is expected to be completed by the first quarter of 2025, subject to customary closing conditions and regulatory approvals.

The Paul, Weiss team is led by corporate partner Tong Yu and counsel Chikara Momota, and tax partners Brian Grieve and Sohail Itani, and includes, among others, corporate partners David Lakhdhir, Ross Fieldston, Matthew Goldstein, Robert Tananbaum and Brad Finkelstein and counsel Lisa Koff, Makoto Nishigai, Zuzanna Knypinski, Jeremy Larkins, Gabriella Toossi, Carrie Harrison and David Levine; intellectual property partner Bonnie Chen; litigation partner Crystal Parker; real estate partner Harris Freidus; executive compensation partner Lawrence Witdorchic and counsel Christopher Gonnella; and antitrust counsel Chad de Souza and John Magruder.