PayPay, a unit of SoftBank Group (TYO:9984), has agreed to acquire 70.2% of T&D Financial Life Insurance from T&D Holdings for an 134.3 billion yen, according to Tokyo bourse filings on Thursday.

The acquisition aims to add life insurance to PayPay's existing suite of cashless payments, credit cards, banking, and securities services for over 74 million registered users.

One Investment Management, an independent asset manager, intends to acquire a separate 14.9% stake in T&D Financial Life through an affiliate.

Under a planned shareholders' agreement, PayPay will hold a call option on the remaining 14.9% stake held by T&D Holdings, which will also hold a put option exercisable after three years.

The consummation, scheduled for Oct. 1, 2027, is subject to regulatory approvals, an IFRS transition plan at T&D Financial Life, and other conditions precedent.

By combining T&D Financial Life's customer base with PayPay's digital platform and embedded insurance expertise, the group aims to create new digital life insurance experiences and provide comprehensive financial services across users' life stages.

The impact on SoftBank's consolidated financial results is currently under review.