SBI Asset Management Group Co., Ltd. made a tender offer to acquire an additional 11.15% stake in Morningstar Japan K.K. (TSE:4765) from Morningstar, Inc. (NasdaqGS:MORN) for ¥4.4 billion on January 27, 2023. Under he terms of transaction, SBI Global current;y holds 41.5% stake and agree to pay ¥439 per share of Morningstar Japan. SBI global doesn't intend to delist the Morningstar Japan shares. Instead, the Tender Offeror intends to maintain the listing of the Target Company Shares even after the completion of the Tender Offer, and in principle, the Target Company Shares will continue to be listed after the Tender Offer. SBI Holdings, Inc. (TSE : 8473) approved the transaction. Mori Hamada & Matsumoto LPC and Daiwa Securities Co. Ltd acted as legal and financial advisor to SBI global in transaction. DC Advisory Japan acted as a financial advisor to SBI GLOBAL ASSET MANAGEMENT Co., Ltd. Kei Ito, Hiroko Shibata and Hiroyuki Kikuchi of Nishimura & Asahi acted as legal advisor to Morningstar, Inc. (NasdaqGS:MORN).

SBI Asset Management Group Co., Ltd. completed the acquisition of an additional 8.97% stake in Morningstar Japan K.K. (TSE:4765) from Morningstar, Inc. (NasdaqGS:MORN) for ¥3.5 billion on February 28, 2023. As reported, 8,040,600 shares were tendered in the offer. Following the sale, Morningstar, Inc.'s ownership percentage in Morningstar Japan K.K decreased to 13.2% from 22.1 %.