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October 3, 2022

Japan’s SBI to acquire 51% stake in Okasan Asset Management for $69m

Japan’s SBI Holdings has signed an agreement to buy a 51% stake in Okasan Asset Management in a deal valued at JPY10bn ($69m).

Based in Tokyo, Okasan Asset Management is currently operating as a consolidated subsidiary of Okasan Securities Group.

The firm in involved in investment management business as well as investment advisory and agency business, among others.

The proposed deal will be carried out by SBI’s fully-owned subsidiary SBI Financial Services through a third-party allotment method.

It is based on a previous ‘notice regarding the conclusion of basic agreement with Okasan Securities Group to form a joint venture in the asset management business’ announced by SBI on May 27, 2022.

The deal will see SBI buying 577,400 shares in Okasan Asset Management at a cost of JPY17,320 per share.

Following the completion of the new deal, Okasan Asset Management will become a consolidated subsidiary of SBI.

The company’s corporate name will be changed to ‘SBI Okasan Asset Management’, stated the firm.

The deal is expected to be closed by 30 November this year.

In a statement, SBI said: “The timing of the change to the corporate name of the joint venture company has not yet been determined.”

The firm also added: “The Company believes that the impact of this joint venture on its consolidated business results will be minor.”

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