Worth reading
76Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
131985
¥ millionWording
Avoiding a definitive answer
How definitive the wording is.This transaction
This share acquisitionCounterpartyT&D Holdings, Inc.
Disclosing companyLY Corporation
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
TimelineThe spacing between the points is proportional to the actual number of days.
Target company
Life insurance business
Location Minato-ku, TokyoShare capital ¥56,000 million (as of 31 March 2026)Date of incorporation 16 July 1947
Net Sales¥912,827 million (fiscal year ending March 2026; ordinary revenue)
Operating profit¥12,328 million (fiscal year ending March 2026; ordinary profit)
Net income for the current fiscal year¥8,221 million (fiscal year ending March 2026)
Net assets¥85,312 million (fiscal year ending March 2026)
Consideration and expenses
Acquisition price¥131,985 million (the final acquisition price may vary)
Expenses other than the acquisition price¥2,352 million (estimated acquisition-related expenses)
Type of ConsiderationCash (PayPay's cash on hand)
Funding arrangementsTo be funded with PayPay's cash on hand
Impact on Business Performance
The impact of the change in the specified subsidiary on our consolidated financial results is currently under review
Procedures and assumptions
Conditions Precedent to ExecutionObtaining the necessary approvals and permits from the relevant authorities and other parties, implementing T&D Financial Life Insurance Company's IFRS transition plan, and satisfying the other conditions precedent set forth in the share transfer agreement
| Item | Details |
|---|---|
| Transaction name | This share acquisition |
| Counterparty name | T&D Holdings, Inc. |
| Name of the Subject Company | T&D Financial Life Insurance Company |
| Business Description of the Subject Company | Life insurance business |
| Location of the Subject Company | Minato-ku, Tokyo |
| Capital Stock of the Subject Company | ¥56,000 million (as of 31 March 2026) |
| Date of Establishment of the Subject Company | 16 July 1947 |
| Net Sales of the Subject Company | ¥912,827 million (fiscal year ending March 2026; ordinary revenue) |
| Operating Profit of the Subject Company | ¥12,328 million (fiscal year ending March 2026; ordinary profit) |
| Net Income of the Subject Company | ¥8,221 million (fiscal year ending March 2026) |
| Net Assets of the Subject Company | ¥85,312 million (fiscal year ending March 2026) |
| Acquisition price | ¥131,985 million (the final acquisition price may vary) |
| Expenses other than the acquisition price | ¥2,352 million (estimated acquisition-related expenses) |
| Type of Consideration | Cash (PayPay's cash on hand) |
| Number of shares acquired | 1,123,200 shares (number of voting rights: 1,123,200) |
| Voting rights ownership percentage | Before 0% → after 70.2% |
| Funding arrangements | To be funded with PayPay's cash on hand |
| Impact on Business Performance | The impact of the change in the specified subsidiary on our consolidated financial results is currently under review |
| Date of board resolution | 4 June 2026 |
| Contract Date | 4 June 2026 |
| Execution Date / Effective Date | 1 October 2027 (scheduled) |
| Conditions Precedent to Execution | Obtaining the necessary approvals and permits from the relevant authorities and other parties, implementing T&D Financial Life Insurance Company's IFRS transition plan, and satisfying the other conditions precedent set forth in the share transfer agreement |
Items this document does not state (10)
Merger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodGoodwill amountAmount of extraordinary income (loss)Valuation methodologyIndependent valuation institutionSpecial CommitteeManagement structure after acquisition
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To add life insurance to the PayPay Financial Group and provide comprehensive financial services spanning payments, asset building, protection, asset management and asset succession. The transaction also aims to combine T&D Financial Life Insurance Company's customer base with PayPay's digital platform, UI/UX, marketing capabilities and expertise in embedded insurance to drive growth in existing businesses and create new customer experiences.
How to read this page
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