Asia Tech Wire (June 18) -- Japan's Mitsubishi Electric will sell a 66.6% stake in its logistics unit to Seino Holdings for about 57.3 billion yen ($363 million).

The two sides are due to close the deal around Oct. 1 after receiving regulatory approvals, Mitsubishi Electric said in a statement Tuesday.

Mitsubishi Electric will retain a 33.4% stake in the business after completing the share transfer.