SBI Holdings (8473) said on Sept. 30 that listed subsidiary SBI Global Asset Management (4765) will absorb SBI Insurance Group (7326) under a basic agreement, with the merger planned to take effect on April 1, 2027, and that its group's ¥340-per-share tender offer for BASE (4477) has been extended to Oct. 15.
Under the basic agreement, SBI Global Asset Management (SBIGAM) will be the surviving company and SBI Insurance Group (SBIIG) will be dissolved. SBI Holdings is the controlling shareholder of both. SBIGAM, a holding company centered on asset management, said group assets under management exceeded ¥14 trillion as of end-August 2026; SBIIG's units run non-life, life and small-amount short-term insurance businesses.
The companies said the combination would create a listed group run with asset management and insurance as equal pillars, forming a "third pillar" for SBI Group after securities and banking. Stated aims include integrated asset-liability management, insurance products designed around asset management, and AI-driven restructuring of operations. The deal is conditional on a legally binding final agreement, approval at extraordinary shareholders' meetings of both companies, and regulatory approvals. SBI Holdings said the impact on its consolidated results would be minor.
Separately, SBINM G.K., an SBI Holdings group company, has been conducting a tender offer for BASE since Aug. 31 to make it an equity-method affiliate. After reviewing tenders so far and the outlook, the offeror extended the period from Sept. 30 to Oct. 15, for a total of 30 business days, to give BASE shareholders more opportunity to decide. It has no plans to change other terms. BASE's board supports the offer and leaves the decision to tender to shareholders.
| Item | Figure |
|---|---|
| Offer price | ¥340 per share |
| Maximum shares sought | 23,792,300 |
| Post-offer ownership (at maximum) | 20.67% |
Next steps: The BASE tender offer runs through Oct. 15, 2026, with settlement now starting Oct. 22 instead of Oct. 7. The SBIGAM-SBIIG merger is scheduled to take effect on April 1, 2027.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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