Panasonic Automotive Systems and Apollo to Become Joint Partners
First written in FY2024-Q3. 1 of 3 entries say "Advanced", first in FY2024. Latest entry: FY2025.
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- FY2025AchievedAnnual report
「On 2 December 2024, we transferred all shares of Panasonic Automotive Systems Co., Ltd., formerly our wholly owned consolidated subsidiary engaged in the relevant business, to Star Japan Acquisition Co., Ltd. and acquired a 20% stake in Star Japan Holdings Co., Ltd.」
The partnership between PAS and Apollo was completed on 2 December 2024 through the transfer of all shares and the acquisition of a 20% stake in Star Japan Holdings Co., Ltd., following the basic agreement, discussions and execution of the share transfer agreement. PAS was deconsolidated, and Star Japan Holdings became an equity-method affiliate. - FY2024AdvancedAnnual report
「At a meeting of the Board of Directors held on 29 March 2024, our Group resolved to enter into a share transfer agreement concerning the transfer of all shares in PAS to Star Japan Acquisition Co., Ltd. and our Group's acquisition of a 20% interest in Star Japan Holdings Co., Ltd., as well as to enter into a shareholders' agreement with Apollo, and executed the agreements on the same date.」
The plan to become joint partners with Apollo progressed from the basic agreement and discussion stage to the execution of a share transfer agreement and a shareholders' agreement. Closing was scheduled for the end of fiscal 2024, after which PAS was planned to transition from a consolidated subsidiary to an equity-method affiliate. - FY2024-Q3First statedAnnual report
「In November, our Group and an affiliate of Apollo Global Management Inc. entered into a basic agreement to become joint partners in the business of Panasonic Automotive Systems Co., Ltd. The parties began discussions on the details, with the aim of executing a definitive agreement by the end of March 2024.」
Regarding the Panasonic Automotive Systems business, we entered into a basic agreement with an affiliate of Apollo Global Management Inc. toward becoming joint partners and began discussions aimed at executing a definitive agreement by the end of March 2024.