SoftBank Group's PayPay to Buy Majority Stake in Japanese Life Insurer

Dow Jones06-04 15:59

By Megan Cheah

SoftBank Group unit PayPay is planning to buy a majority stake in a Japanese life insurer as it seeks to grow its financial service offerings.

PayPay is seeking to acquire 70.2% of the shares in T&D Financial Life Insurance from Tokyo-listed T&D Holdings for an estimated 134.34 billion yen, equivalent to $839.2 million, with the consideration to be funded by cash on hand, PayPay said in a statement.

Japanese mobile-payments platform PayPay plans to add life insurance to its suite of services through the deal. The SoftBank Group unit also expects to grow T&D Financial Life's existing business by combining its customer base with PayPay's digital platform, marketing and embedded insurance expertise.

T&D Financial Life will become a subsidiary of PayPay and SoftBank Group after the deal completes, which is subject to required approvals.

Meanwhile, asset manager One Investment Management intends to buy a separate 14.9% stake in T&D Financial Life from T&D Holdings. One Investment Management is independent of PayPay, said SoftBank Group.

Write to Megan Cheah at megan.cheah@wsj.com

(END) Dow Jones Newswires

June 04, 2026 03:59 ET (07:59 GMT)

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