MUFG to acquire Japan's robo-adviser WealthNavi for $664m

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MUFG to acquire Japan’s robo-advisor WealthNavi for $664m

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MUFG to acquire Japan’s robo-advisor WealthNavi for $664m

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Mitsubishi UFJ Financial Group (MUFG) has announced plans to fully acquire Japanese robo-advisor WealthNavi.

The deal is valued at approximately 99.7 billion yen (US$664 million), as the tender offer is set to begin on Monday.

MUFG will offer 1,950 yen (US$13) per share, which is an 84% premium over WealthNavi’s closing price on Thursday, valued at 1,058 yen (US$7.05).

MUFG currently holds a stake exceeding 15% in WealthNavi.

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