Panasonic Completes Sanyo Purchase

On Dec 21 2009 - 8:00am

Panasonic has completed the deal to buy a majority stake in Sanyo Electronics for about $4.6 billion.

Panasonic will buy just more than 3 billion shares of Sanyo Electric stock from several of that company's top stock holders, according to Panasonic.

This purchase will give Panasonic 50.2 percent of Sanyo's stock.

The transaction would make Sanyo a subsidiary of Panasonic and would make it a major player in batteries for green grid technologies and a wide range of CE-related products using lithium-ion technology, solar photovoltaic cells and batteries for electric vehicles, among other areas.