TOKYO (Reuters) – Panasonic Corp will buy US software company Blue Yonder for 700 billion yen ($ 6.45 billion), the Nikkei reported Monday, saying it was the Japanese electronics firm’s largest acquisition since 2011.
While Panasonic bought a 20% stake in Blue Yonder for 86 billion yen last year, it is now in the final stages of acquiring the rest of shareholders, including Blackstone Group Inc, the Nikkei said, citing unnamed sources.
The move comes because the Japanese company wants to expand hardware that combines software, sensors and other devices to help companies improve operational efficiency, Nikkei said.
Panasonic was not available for direct comment.
According to the report, a deal would be Panasonic’s largest as it spent 800 billion yen to create wholly owned subsidiaries of Sanyo Electric and Panasonic Electric Works in 2011.
While the acquisition will likely come from Panasonic’s own resources, loans or other financing could also be considered for the purchase, Nikkei said.
($ 1 = 108.4900 yen)
Reporting by Takashi Umekawa; Edited by Edmund Blair, edited by Louise Heavens