The share purchase agreement will see Mitsui buy 22% of PHCHD shares from its largest shareholder, funds managed by Kohlberg Kravis Roberts (KKR).

Once the deal concludes, KKR will have 58% interest in PHCHD, while Mitsui will own 22% stake and Panasonic will have 20% interest.

PHCHD is engaged in the development and producing of medical equipment and solutions.

It intends to strengthen three core businesses for in vitro diagnostics devices, medical IT and laboratory and medical support devices.

The company provides blood glucose monitoring systems and strips for people with diabetes through its subsidiary Panasonic Healthcare Co Ltd.

Earlier this year, PHCHD acquired Ascensia Diabetes Care, a diabetes care unit of Bayer, for around €1bn (JPY132bn).

Ascensia is engaged in the production of a wide range of products, including Contour portfolio of blood glucose meters.

The firm also produces other products such as Breeze 2, Elite, Entrust and Microlet lancing devices.

PHCHD president Hidehito Kotani said: “Panasonic Healthcare strives to be a global provider of innovative and customer-centric healthcare devices to help and serve our customers and contribute to the well-being of society.

“We believe that Mitsui’s expertise, experience and networks in the healthcare business, especially in Asia, will help us grow further and compete globally. We welcome Mitsui as a shareholder that will help us in achieving our aims.”

KKR Japan CEO and member Hiro Hirano said: “Since 2014, we have worked closely with Panasonic Healthcare’s strong management team to grow the company and capture new opportunities at home and across borders.”

Image: Panasonic Corporation Headquarters in Kadoma-shi, Osaka, Japan. Photo: courtesy of Pokarin.