Apollo Fund Announces Strategic Partnership With Panasonic Automotive Systems, A Leading Global Supplier Of Advanced Automotive Technology

Panasonic Holdings Co., Ltd. plans to maintain a significant minority interest and accelerate the growth of Panasonic Automotive together with Apollo Fund

This is Apollo Fund's fourth PE investment in Japan.

NEW YORK, NY, March 29, 2024 (GLOBE NEWSWIRE) -- Apollo (New York Stock Exchange: APO) announced today that funds managed by affiliates of Apollo (the “Apollo Funds”) are being held by Panasonic Holdings, Inc. (Tokyo Stock Exchange: 6752) (hereinafter referred to as ``Panasonic''), shares of Panasonic Automotive Systems Co., Ltd. (hereinafter referred to as ``Panasonic Automotive'' or ``the Company''), a global leader in advanced automotive solutions such as cockpit integration solutions and in-vehicle electronics. announced that it has entered into a final agreement to acquire a majority stake in The transaction amount is based on an evaluation of the total corporate value of 311 billion yen, and is subject to certain adjustments at closing. Panasonic plans to continue holding a minority stake in the company and maintain its strategic relationship with the Panasonic Group.

Panasonic Automotive is a world-leading Tier 1 supplier that designs and manufactures advanced infotainment systems and other in-vehicle solutions for major automakers. The company has a long track record of technological and manufacturing innovation, and decades of customer relationships have given it strong market positions in several core segments.

Tetsuji Okamoto, Apollo's representative partner in Japan, commented on this matter as follows: “We are very pleased to partner with Panasonic Automotive to accelerate the growth of our business.This transaction builds on our strong track record as a strategic partner of major Japanese industrial companies and We believe this will be an opportunity to take full advantage of our strong sector and management track record.Panasonic Automotive has advanced technology and excellent quality, and we hope to maximize its growth potential. We look forward to working with the company to achieve this goal."

Michael Rees, partner at Apollo, commented on the matter: "Apollo has extensive experience in investing in and supporting the growth of auto parts suppliers, and we look forward to supporting Panasonic Automotive in its next phase of growth. Operating at a critical intersection of the global automotive supply chain, we are committed to ensuring that the company maintains strong relationships with customers and partners around the world as a leading Tier 1 supplier. Masu."

Yuki Kusumi, Representative Director, President and Executive Officer of Panasonic, stated the following regarding this matter. "Apollo is a partner that respects Panasonic Automotive's approach to customers, employees, and management, and we believe that this partnership will allow Panasonic Automotive to make further strides as a top global player. As a member of the Panasonic Group, Panasonic Automotive will continue to play a role as an important player in the evolution of a mobility society while collaborating in areas such as the group's procurement capabilities and basic research."

Masashi Nagayoshi, Representative Director, President and Executive Officer of Panasonic Automotive, said the following regarding this matter. “Panasonic Automotive has the potential to survive this once-in-a-century period of change, with its in-vehicle knowledge and insight, strong relationships with customers, and outstanding human resources.By leveraging our partnership with Apollo, By leveraging our full potential, we will become a top global player in the automotive electronics industry, and together with our customers, we will provide new value to cars and the mobility experience."

The transaction is expected to close by the first quarter of 2025, subject to customary closing conditions, including regulatory approvals.

About Apollo
Apollo is a high-growth global alternative asset management company. Focusing on three investment strategies: yield, hybrid, and equity, we aim to generate excess returns across the risk-return spectrum, from investment grade to private equity. For more than 30 years, Apollo has delivered innovative capital solutions that leverage our unified platform and expertise to meet the needs of our clients and help our portfolio companies grow. Athene, a retirement services business, is a retirement savings service solution provider that helps customers achieve financial security. Apollo's investment approach is aligned with its customers, portfolio companies, employees and communities. As of December 31, 2023, Apollo had approximately $651 billion in assets under management.
URL: https://www.apollo.com/
URL: https://www.apollo.com/japan   

About Panasonic Automotive Systems
Established on April 1, 2022, Panasonic Automotive Systems provides Tier 1 infotainment systems and other advanced technologies to domestic and foreign automakers, contributing to the creation of comfortable, safe, and secure cars. We are a global company with approximately 30,000 employees, operating in 22 countries and regions around the world, with sales of 1,297.5 billion yen in fiscal 2022.
URL: https://automotive.panasonic.com/

About the Panasonic Group
Konosuke Matsushita founded Matsushita Electric Appliance Manufacturing Company in 1918. After becoming a corporation in 1935, the company name and structure changed to Matsushita Electric Industrial Co., Ltd. and Panasonic Corporation.On April 1, 2022, the company was reorganized into an operating company system (holding company) with Panasonic Holdings Corporation as the holding company. system). The group's consolidated sales in fiscal 2022 will be 8,378.9 billion yen, and we are expanding our business globally.
URL: https://holdings.panasonic/jp/corporate/about.html

Contact
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com