Kohlberg Kravis Roberts & Co. LP (NYSE: KKR) is buying an 80 percent stake in Panasonic Healthcare Co.

Tokyo-based Panasonic Healthcare is a health care company that focuses on in vitro diagnostics, medicom and biomedical operations. The company sells blood sugar monitoring systems, medical computers and electronic health record systems, and biomedical laboratory equipment.

A company owned by KKR - PHC Holdings Co. Ltd. - is buying all outstanding shares of Panasonic Healthcare for about $1.67 billion. That deal will be followed by a third-party share allocation, after which KKR will own 80 percent of Panasonic Healthcare Co., and Panasonic Corp. (TSE:6752) will own 20 percent.

The New York-based investment firm, took over Mitchell International Inc., a provider of claims technology and software services, in September. In August, the firm picked up a minority stake in RigNet Inc. (Nasdaq: RNET), a company that provides remote communications services and systems for the energy sector. KKR’s health care investments include Accellent Inc., Biomet Inc. and PRA International.

Other recent health care deals include Emis Group’s (AIM: EMIS) purchase of Ascribe Group, and Enzymatics Inc.’s acquisition of ArcherDx Inc.