06:58 AM EDT, 04/01/2024 (MT Newswires) -- Apollo Global Management ( APO ) said Friday that certain funds under its affiliates will acquire a majority stake in Panasonic Automotive Systems for 311 billion Japanese yen ($2.05 billion).

Panasonic Automotive will retain a minority stake to maintain its strategic relationship with Panasonic Group, Apollo said.

Apollo said the transaction is expected to close by the end of Q1 2025.

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