Resona Holdings, Inc. (TSE:8308) entered into an agreement to acquire remaining 39.6% stake in Kansai Mirai Financial Group, Inc. (TSE:7321) from Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Financial Group, Inc. (TSE:8316) for ¥73.8 billion on November 10, 2020. In a related transaction, Resona Holdings, Inc. made a tender offer to acquire an additional 35.4% stake in Kansai Mirai Financial Group, Inc. from Sumitomo Mitsui Banking Corporation and others for approximately ¥66 billion on November 10, 2020. Under the term, Resona Holdings will issue 209.2 million shares at an exchange rate of 1.42. The transaction is subject to Kansai Mirai Financial's shareholder approval which is scheduled on December 25, 2020. On January 29, 2021, the transaction was approved by the board of directors of Resona Holdings and the shareholder will take place on June 2021. The share exchange will be effective April 1, 2021. BofA Securities Japan Co., Ltd. acted as financial advisor and Nishimura & Asahi acted as legal advisor for Resona Holdings, Inc. Nomura Securities Co., Ltd. acted as financial advisor and Kitahama Partners acted as legal advisor and due diligence provider for Kansai Mirai Financial Group, Inc. and special committee of Kansai Mirai Financial Group, Inc. Frontier Management, Inc. acted as fairness opinion provider to the special committee of Kansai Mirai Financial Group, Inc. PwC Advisory LLC and PwC Tax Japan provided financial/accounting due diligence advisor for Kansai Mirai Financial Group, Inc. BofA Securities Japan Co., Ltd. acted as fairness opinion provider to the board of directors of Resona Holdings.

Resona Holdings, Inc. (TSE:8308) completed the acquisition of remaining 39.6% stake in Kansai Mirai Financial Group, Inc. (TSE:7321) from Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Financial Group, Inc. (TSE:8316) on April 1, 2021. As a result of transaction, Kansai Mirai Financial Group, Inc. became wholly-owned subsidiary of Resona Holdings, Inc.