Japanese electronics giant Panasonic is to acquire a majority stake in Belgian supply chain and mobility solutions company Zetes for €149.6 million.
The deal will see Panasonic first acquire a 50.95% stake in the company along with an agreement to acquire the remaining shares from other shareholders at €54.50 per share.
The acquisition is still awaiting regulatory approval but is expected to close by the second quarter of 2017.
In a statement, Zetes said it will continue to operate as its own brand but under Panasonic with its existing management team remaining at the helm.
“In the future, we will be able to combine our identification and mobility solutions with Panasonic’s advanced research and development capabilities, global reach and technological expertise to better meet growing global customer needs,” said Zetes CEO Alain Wirtz.
Zetes is headquartered in Brussels and employs 1,100 people across 21 countries. Its board’s support for the acquisition was “unanimous”, according to the company.
“We are very pleased to have reached this agreement with the majority shareholders of Zetes,” added Panasonic’s Hiro Sakamoto. “Panasonic’s strategy is to become a leading logistics solutions provider globally and to expand the breadth and depth of services Panasonic is able to offer to its customers with Zetes’ excellent mobility solutions.”