SBI AXES Co., Ltd. (KOSDAQ:A950110) agreed to acquire SBI Social Lending Co Ltd from SBI Holdings, Inc. (TSE:8473) for ¥600 million on March 31, 2017. The scheduled share transfer agreement date is April 1, 2017. On April 1, 2017, an agreement was signed. Under the terms of the transaction, SBI AXES Co., Ltd. will acquire 0.22 million shares of SBI Social Lending Co Ltd. for a cash consideration. After the transaction, SBI AXES Co., Ltd will hold 100% stake in SBI Social Lending Co Ltd. In related transactions, SBI AXES Co., Ltd. also agreed to acquire SBI Remit Co Ltd and SBI Business Solutions Co., Ltd on March 31, 2017. On April 17, 2017, Payment for SBI AXES third-party allotment of shares is scheduled. SBI AXES plans to issue new shares by third-party allotment of ¥1.3 billion in total with SBI Holdings, Inc as the allottee to procure some of the funds for acquisition. As of April 18, 2017, the payment was completed.

For the year ended March 31, 2016, SBI Social Lending Co Ltd reported total assets of ¥5.66 billion, total capital of ¥137.47 million, sales of ¥216.97 million and net loss of ¥97.78 million. On July 1, 2017, SBI AXES Co., Ltd will change company name into SBI FinTech Solutions Co Ltd. The Board of Directors of SBI AXES Co., Ltd. made a resolution in favor of the transaction on March 31, 2017. The transaction is expected to close on April 18, 2017.