Panasonic Healthcare Division Sells Majority Stake to KKR

KKR, a private equity giant, announced plans to purchase a majority stake in the healthcare arm of Panasonic for $1.67 billion. Following months of speculation and rumor, the Japanese manufacturer has finally found a potential buyer for its healthcare products division.Following the purchase, KKR will own four-fifths of Panasonic Healthcare. For now, Panasonic will retain ownership of one-fifth of the division. KKR will take majority ownership of the segment through one of its subsidiaries.According to Bloomberg, there were two bidding rounds for Panasonic's healthcare division before KKR emerged on top. Assuming that the purchase agreement is able to clear all closing and regulatory procedures, analysts predict that the sale will be finished by March of next year.With the sale, Panasonic will gain access to a significant amount of cash. The company's healthcare division manufactures a variety of healthcare product. This includes biomedical lab equipment, electronic health record systems, blood glucose monitoring systems and much.For Panasonic, this sale couldn't have come at a better time. Since the company's TV and semiconductor businesses have been experiencing losses, additional cash is welcome for Panasonic.