Panasonic and KKR agree to Panasonic Healthcare share purchase

Companies to form joint holding company

02-Oct-2013 - USA

Panasonic Corporation ("Panasonic") and Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR") announced the signing of a share purchase agreement and a shareholders' agreement under which Panasonic and KKR will become joint partners of Panasonic Healthcare Co., Ltd. ("Panasonic Healthcare").

Based on agreements, PHC Holdings Co, Ltd. ("PHCHD"), which is wholly-owned by KKR investment funds, will purchase all outstanding shares of Panasonic Healthcare, including its related intellectual property and assets, for an equity value of approximately JPY 165 billion (approximately US$ 1.67 billion at the exchange rate of US$1=JPY99). The transaction will be followed by a third party share allocation by PHCHD, after which KKR will own 80% of outstanding shares of PHCHD and Panasonic will own 20%. Panasonic and KKR will cooperate in the management of Panasonic Healthcare.

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