Media Reports on Potential Investment in the Company by SoftBank and PayPay

Research evidence excerpt

Media Reports on Potential Investment in the Company by SoftBank and PayPay

Update

July 12, 2026 09:03 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSeven & i Holdings (3382) | Japan Ai Furukawa

Equity Analyst

Media Reports on Potential Ai.Furukawa@morganstanleymufg.comHiroshi Koba +81 3 6836-5461

Hiroshi.Koba@morganstanleymufg.com +81 3 6836-8942

Investment in the Company by

SoftBank and PayPay

Key Takeaways Seven & i Holdings (3382.T, 3382 JT)

If the media reports are accurate, the proposed investment stake would be Convenience Stores | Japan

limited, making it unclear whether collaboration can be realized on a scale Stock Rating Equal-weight

Industry View In-Line

comparable to that achieved by industry peers. Price target ¥2,300

Shr price, close (Jul 10, 2026) ¥2,022

Mkt cap, curr, basic (bn) ¥5,265.1

Overview of media reports: On the evening of July 10, multiple media outlets, Avg daily trading value (bn) ¥15.5

including Bloomberg, reported that SoftBank (covered by Tetsuro Tsusaka), PayPay

(covered by Mia Nagasaka), and Sumitomo Mitsui Card (parent company Sumitomo

Mitsui Financial Group is covered by Mia Nagasaka) are considering a combined

investment of approximately ¥300bn in Seven & i Holdings. At this stage, we have

not independently verified the accuracy of these reports, and the companies

concerned have not made related announcements.

Our take: If the investment is intended to accelerate efforts similar to those being

pursued by KDDI and Lawson we think a capital alliance would be a logical

approach, but the scale appears materially different from that of the KDDI-Lawson

partnership. While much depends on the specific terms of any agreement, we can

appreciate the strategic rationale for such a transaction, particularly given the