Panasonic Corp. and Kohlberg Kravis Roberts & Co. (together with its affiliates, KKR) have announced KKR will acquire Panasonic’s Healthcare Co. for approximately $1.67 billion.
KKR and Panasonic will become joint partners of Panasonic Healthcare, cooperating in the management of Panasonic Healthcare. As per the terms of the agreement, KKR will own an 80 percent stake in Panasonic Healthcare, with Panasonic owning the remaining 20 percent.
Panasonic Healthcare conducts business primarily in the fields of in vitro diagnostics, medicom and biomedical.
KKR is a global PE investment firm with $83.5 billion in reported assets under management as of June 30.
Other bidders for Panasonic Healthcare reportedly included Toshiba Corp. and a consortium including Bain Capital.