Mitsubishi UFJ Financial Group (MUFG) has announced its plans to acquire full ownership of robo-advisor WealthNavi for $664 million.
This comes after MUFG initially purchased a 15% share in WealthNavi earlier this year. The financial institution is now set to launch a tender offer at 1950 yen per share, which represents an 84% premium over WealthNavi’s most recent closing price.
WealthNavi stands as Japan’s largest robo-advisor, managing over 1.3 trillion yen in assets. In 2020, MUFG Bank collaborated with WealthNavi to create a robo-advisory service for its clients.
MUFG believes that acquiring WealthNavi will significantly enhance the development of its Money Advisory Platform and strengthen its asset management capabilities.