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TheStreet Open House

Panasonic Buys Sanyo for $4.6 Billion

Stocks in this article: PC SANYY

NEW YORK ( TheStreet) -- Panasonic (PC) has completed the acquisition of a majority stake in smaller, ailing competitor Sanyo (SANYY).

The completion of the 50.2% stake in Sanyo has created one of the top providers of batteries for fuel efficient cars. Together, Panasonic and Sanyo's battery businesses generated ¥745.8 billion, or about $8.4 billion in sales last year.

Panasonic purchased its stake in Sanyo for £2.8 billion or $4.6 billion, offering 131 yen or about $1.50 for each common Sanyo share bought, generating a significant profit for its three primary shareholders: Goldman Sachs (GS - Get Report), Daiwa Securitiesand Sumitomo Mitsui.

Panasonic first announced its interest in pursuing Sanyo 13 months ago, mostly enticed by Sanyo's hybrid car battery operations, say analysts, a strong suit for both companies.

Currently Panasonic and Toyota (TM - Get Report) are joint venture partners in making hybrid car batteries for Toyota's Prius model, while Sanyo makes hybrid car batteries for Honda (HMC - Get Report), Ford (F - Get Report) and Peugeot Citroen.

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