Apollo Global Management, a private equity firm, agreed to acquire a majority stake in Panasonic Automotive Systems, an automobile equipment manufacturer, from Panasonic, a business conglomerate, in a $2bn valuation. "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," Tetsuji Okamoto, Apollo Global Lead Partner.