Panasonic to sell Sanyo digital camera business to private equity fund
TOKYO (Reuters) - Panasonic Corp (6752.T) said on Friday that it would sell its Sanyo digital and digital movie camera business to Japanese private equity fund Advantage Partners for an undisclosed sum.
Panasonic aims to sell 110 billion yen ($1.30 billion) of assets, including buildings and land, by the end of March to boost free cash flow to 200 billion yen for the business year.
Panasonic acquired rival Sanyo, a leading maker of lithium ion batteries and solar panels, in 2010. Sales of compact digital cameras are under pressure from increasingly powerful smartphones.
($1 = 84.39 Japanese yen)
(Reporting by Tokyo Newsroom; Editing by Ron Popeski)