Mitsubishi UFJ Financial Group (MUFG) has announced its intention to acquire full ownership of the robo-advisor WealthNavi for a total of $664 million.
Previously, MUFG invested in a 15% stake in WealthNavi back in February. Now, the financial institution is initiating a tender offer at 1,950 yen per share, reflecting an 84% premium over the fintech’s closing stock price as of Thursday.
WealthNavi is recognized as Japan’s leading robo-advisor, currently managing over 1.3 trillion yen in assets. In 2020, MUFG Bank partnered with WealthNavi to create a specialized robo-advisory service aimed at the bank’s clientele.
The decision to fully acquire WealthNavi is part of MUFG’s strategic plan to enhance its Money Advisory Platform and strengthen its asset management capabilities.