SBI Asset Management Group Co., Ltd. completed the acquisition of an additional 8.97% stake in Morningstar Japan K.K. from Morningstar, Inc. for ¥3.5 billion.
February 27, 2023
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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 %.
SBI Global Asset Management Co Ltd, formerly Morningstar Japan KK, is engaged in the financial services and asset management businesses. The Company operates its business through two segments. The Asset Management segment provides investment management services, including the establishment, offering, and management of investment trusts, mainly publicly offered additional equity investment trusts and privately placed bond investment trusts, investment advisory services for Fund of Funds and other funds, and consulting services related to defined contribution pension plans. The Financial Services segment provides data solutions and media solutions. The data solutions sells the web-based version of Stock Newspaper, distributes stock price and corporate information, and provides fund analysis reports and stock reports, among others. The Media Solutions provides advertising on the Company's website, marketing consulting, advertising agency services, among others.
SBI Asset Management Group Co., Ltd. completed the acquisition of an additional 8.97% stake in Morningstar Japan K.K. from Morningstar, Inc. for ¥3.5 billion.