The takeover makes Panasonic one of the dominant players in the fast-growing market for hybrid car batteries.
The deal is worth an estimated 403.8bn yen (£2.8bn).
Panasonic is an official worldwide partner of London 2012. It has exclusive marketing rights for the audio, TV and video equipment category worldwide and can use Olympic and Team GB imagery in its campaigns.
The company recently appointed agency brandRapport to leverage its sponsorship of the London 2012 Olympic Games.
At the start of the year, Panasonic also renewed its title sponsorship of the Toyota Formula 1 team, however the automotive marque subsequently pulled out of the racing tournament last month.
Panasonic has reportedly been in talks to acquire Sanyo Electric since 2008.
Full ownership of Sanyo would mean the combined company would leapfrog Hitachi to become Japan’s largest electronics group.