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Panasonic Corp said on Friday it had reached an agreement to sell 80 per cent of its healthcare unit to US investment firm Kohlberg Kravis Roberts & Co LP (KKR) for 165 billion yen ($1.67 billion).
The Japanese electronics company will retain a 20 per cent stake of Panasonic Healthcare Co, which makes blood glucose monitoring metres, electronic health record systems and other IT equipment for medical clinics.
Panasonic has lost more than 1.5 trillion yen over the past two years due to a stronger yen and poor sales, especially of flat-panel televisions.
“We have been seeking a partner who shares our vision for achieving a step change in the growth evolution of Panasonic Healthcare,” Panasonic president Kazuhiro Tsuga said in a statement.
“Panasonic Healthcare has excellent market positions and high-level technical capabilities, and we believe it has significant growth potential,” KKR co-founder and co-chief executive Henry Kravis said.
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