MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group, has announced plans to acquire WealthNavi, a Japanese robo-advisory firm, through a tender offer.

The offer is set at ¥1,950 per share, representing an 84% premium over WealthNavi’s recent closing price, according to Reuters.

This acquisition, valued at approximately ¥99.7 billion (about US$664 million), aims to enhance MUFG’s financial technology services and support Japan’s initiative to encourage greater household investment in financial markets.

WealthNavi, in which MUFG already holds over a 15% stake, managed assets exceeding ¥1 trillion as of January, making it Japan’s largest robo-advisor.

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