Mori Hamada & Matsumoto and Nishimura & Asahi have advised on fintech company PayPay Corporation’s proposed JPY134.3 billion (USD838 million) acquisition of a 70.2% stake in T&D Financial Life Insurance.
The transaction would see PayPay, backed by Japanese multinational holding company SoftBank, enter the life insurance industry.
Mori Hamada & Matsumoto acted as primary legal counsel to PayPay, with the team led by Tokyo partners Katsumasa Suzuki, Takanori Shinohara, Takafumi Goto and Kensuke Sakajiri, alongside New York-based partner Nobuhiko Suzuki and senior associate Taisei Katano.
Nishimura & Asahi advised T&D Holdings, the parent company of T&D Financial Life Insurance. Partners Tatsuya Tanigawa, Tatsuya Nakayama, Kaori Furuya, Takuya Oshida, and Kazumaro Kobayashi led the team.
The acquisition will be funded through existing cash reserves and T&D Financial Life will become a consolidated subsidiary on completion of the transaction, which is expected by 1 October 2027, subject to regulatory approvals.
As part of the deal, Abu Dhabi-headquartered One Investment Management will acquire a 14.9% stake in T&D Financial Life through its affiliate, OneIM Indigo Holdings, for an undisclosed cash consideration.
T&D Holdings will retain a 14.9% stake once the deal is finalised, but the agreement grants PayPay an option to acquire those shares in the future.
