Worth reading
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Scored from 0 of 5 sectionsDirection
Deterioration
Direction inferred from the company’s description.Scale
45
% (Sumitomo Mitsui Trust Bank's ownership ratio after the joint venture is established)Wording
Avoiding a definitive answer
How definitive the wording is.This transaction
This joint businessCounterpartySumitomo Mitsui Trust Bank, Limited, Fuyo General Lease Co.,Ltd., Yokohama Financial Group,Inc.
Disclosing companySumitomo Mitsui Trust Group,Inc.
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.White points represent dates designated as scheduled dates in the document.
Target company
Comprehensive leasing, installment sales, and credit card operations
Location Minato-ku, TokyoShare capital ¥25,584 millionDate of incorporation 27 February 1967
Net Sales¥472,366 million (fiscal year ended March 2025)
Operating profit¥11,310 million (fiscal year ended March 2025)
Net income for the current fiscal year¥9,999 million (fiscal year ended March 2025)
Net assets¥197,267 million (fiscal year ended March 2025)
Consideration and expenses
Acquisition priceThe transfer price will be determined through discussions among the parties and disclosed once finalized.
Impact on Business Performance
The impact of this matter on the Company's results for fiscal 2026 has not yet been determined. If any matter requiring disclosure arises, the Company will disclose it promptly.
Procedures and assumptions
Conditions Precedent to ExecutionNotifications to the competition authorities and other authorities in each relevant country, obtaining the necessary approvals and licenses, and other preparations. The schedule may be changed depending on the progress of these matters and other factors.
Management structure after acquisitionThe name of SMTPFC after the joint venture is established is expected to be changed following further discussions. The treatment of the representative and employees is not disclosed.
| Item | Details |
|---|---|
| Transaction name | This joint business |
| Counterparty name | Sumitomo Mitsui Trust Bank, Limited, Fuyo General Lease Co.,Ltd., Yokohama Financial Group,Inc. |
| Name of the Subject Company | 三井住友トラスト・パナソニックファイナンス株式会社 |
| Business Description of the Subject Company | Comprehensive leasing, installment sales, and credit card operations |
| Location of the Subject Company | Minato-ku, Tokyo |
| Capital Stock of the Subject Company | ¥25,584 million |
| Date of Establishment of the Subject Company | 27 February 1967 |
| Net Sales of the Subject Company | ¥472,366 million (fiscal year ended March 2025) |
| Operating Profit of the Subject Company | ¥11,310 million (fiscal year ended March 2025) |
| Net Income of the Subject Company | ¥9,999 million (fiscal year ended March 2025) |
| Net Assets of the Subject Company | ¥197,267 million (fiscal year ended March 2025) |
| Acquisition price | The transfer price will be determined through discussions among the parties and disclosed once finalized. |
| Voting rights ownership percentage | Before Sumitomo Mitsui Trust Bank, Limited 84.9%; Panasonic Holdings Corporation 15.1% → after Sumitomo Mitsui Trust Bank, Limited 45%; Fuyo General Lease Co.,Ltd. 40%; Yokohama Financial Group,Inc. 15% is assumed. |
| Impact on Business Performance | The impact of this matter on the Company's results for fiscal 2026 has not yet been determined. If any matter requiring disclosure arises, the Company will disclose it promptly. |
| Contract Date | 30 March 2026 (basic agreement); July 2026 (予定, share transfer agreement and shareholders' agreement) |
| Execution Date / Effective Date | 1 October 2026 (予定) |
| Conditions Precedent to Execution | Notifications to the competition authorities and other authorities in each relevant country, obtaining the necessary approvals and licenses, and other preparations. The schedule may be changed depending on the progress of these matters and other factors. |
| Management structure after acquisition | The name of SMTPFC after the joint venture is established is expected to be changed following further discussions. The treatment of the representative and employees is not disclosed. |
Items this document does not state (14)
Expenses other than the acquisition priceType of ConsiderationMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodNumber of shares acquiredFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Date of board resolutionValuation methodologyIndependent valuation institutionSpecial Committee
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 implement SMTPFC's growth strategy, enhance the medium- to long-term corporate value of each company, increase SMTPFC's management flexibility, optimize the allocation of the Group's management resources, and expand its business areas. The parties also intend to enhance the value of their services and products by utilizing Fuyo General Lease's expertise in its business areas and Yokohama Financial Group's business platform.
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