According to New York Times and Reuters, Panasonic is looking to finalize its investment of up to $630 million (50 billion yen) to scandal-stricken Olympus. That said scandal was about a $1.7 billion accounting fraud that could have very well wiped out Olympus.

This is great news for both companies who have been partnered for several years in the Micro 4/3 system, and has been coming out with some of the hottest products in the mirrorless market, such as the Olympus OM-D and the upcoming Panasonic 12-35mm (24-70mm FF equiv) constant f/2.8 lens.

The other attractive component of Olympus’s business is, of course, its profitable diagnostic endoscope business, and Panasonic is looking to be a part of it by being Olympus’ top shareholder. Olympus has already planned to cut 2,500 jobs, so this influx of capital should help the company.

You can read more about Panasonic’s $630 million investmenet in Olympus on New York Times.