T&D Holdings, Inc.

PayPay Corp., a subsidiary of SoftBank Group, has approved the purchase of a 70.2% stake in T&D Financial Life Insurance from T&D Holdings. The transaction, approved by PayPay's board on June 5, will make T&D Financial Life a subsidiary of PayPay and is expected to be funded from PayPay's current cash reserves. Upon completion, T&D Financial Life will become a SoftBank Group subsidiary and is anticipated to be recognized as a designated subsidiary of SoftBank Group, as its capital will account for at least 10% of SoftBank Group's capital. Separately, One Investment Management has proposed acquiring a 14.9% stake in T&D Financial Life through its affiliate OneIM Indigo Holdings.