Daiwa Securities Group Inc (TYO:8601), Daiwa Securities, GMO Click Holdings Inc (TYO:7177) and GMO CLICK Securities today announce the execution of Memorandum of Understanding with view to forming business alliance.
Under the strategic partnership, Daiwa Securities Group will acquire 11,100,000 shares in GMO CLICK HD. The amount of shares acquired equals 9.6% of outstanding shares of GMO Click HD. Going forward Daiwa Securities Group may acquire up to a total of 20% of outstanding shares (including shares acquired today), depending on progress and outcome of the alliance.
The MOU was executed with the expectation an alliance would bolster corporate value, with companies jointly utilizing managerial resources to beef up service quality and provide extra convenience to customers.
The companies plan to form a cooperative framework for providing leading-edge financial services attractive to customers. The alliance would combine Daiwa Securities Group’s firm business foundation and know-how in securities business cultivated as a comprehensive securities group, with GMO CLICK HD and GMO CLICK Securities ability to develop systems independently and its strong marketing expertise.
The parties also plan to discuss developing highly attractive services such as FX and securities trading which leverage the strengths of both sides, and aim to execute a partnership agreement defining the alliance in more detail by end of March 2016.
To view the official announcement on the strategic partnership, click here.