December 21, 2012 / 6:52 AM / in 5 years

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.

A man browses a Panasonic camera at an electronics shop in Tokyo May 10, 2012. REUTERS/Kim Kyung-Hoon

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

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