Asia Tech Wire (Aug 2) -- Japanese leading financial services provider ORIX Corp. has announced the acquisition of Panasonic Holdings' projector business.

Orix said Wednesday that it has signed a cooperation agreement with Panasonic Connect, a subsidiary of Panasonic, for the transfer of the company's commercial projector business and commercial display business.

Upon completion of the necessary approvals and licensing procedures, the two businesses will spin off from Panasonic Connect and Panasonic, and will be operational in a new company that the two companies will jointly establish.

Orix owns 80% and Panasonic Connect 20% of the new joint venture.