TOKYO, Jun 04 (Pulse News Wire) – LY Corporation’s subsidiary, PayPay Corp., resolved to acquire T&D Financial Life Insurance Co., Ltd. shares worth ¥132.0 billion through a cash transaction.
The acquisition aims to integrate life insurance services into PayPay's existing financial offerings, covering payment solutions, banking, securities, and asset management. PayPay plans to leverage its digital platform and marketing expertise to enhance T&D Financial Life Insurance's customer base and expand service offerings. The deal requires approval from regulatory authorities and completion of IFRS transition planning within T&D Financial Life Insurance. Upon successful execution, T&D Financial Life Insurance will become a significant subsidiary of LY Corporation, holding more than 10% of the parent company's capital stock.
LY Corporation also disclosed that independent asset manager One Investment Management Ltd. intends to purchase additional shares of T&D Financial Life Insurance separately, but there are currently no agreements between PayPay and OneIM regarding joint decision-making or shareholding activities. In related developments, PayPay secured call options post-acquisition and put options three years later from T&D Holdings, ensuring flexibility in future stake adjustments. The final acquisition price remains subject to potential changes based on closing conditions outlined in the shareholder agreement.
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