Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  6.8.2020  
C(2020 ) 5516 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9903 - SOFTBANK GROUP / MIZUHO FINANCIAL GROUP / 
ONE TAP BUY  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 14 July 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings  SoftBank Corp. (“SoftBank”, Japan), a subsidiary of Softbank Group 
Corp.,  and Mizuho S ecurities Co., Ltd. (“Mizuho”, Japan), a subsidiary of Mizuho 
Financial Group,  acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger 
Regulatio n joint control of One Tap BUY Co., Ltd. (“OTB”, Japan). OTB is  currently 
solely controlled by SoftBank.  The concentration is accomplished by way of  purchase 
of shares .3 
2. The business activities of the undertakings concerned are:  
 SoftBank is a subsidiary of  SoftBank Group Corp ., which is involved in advanced 
telecommunications, internet services, Internet of Things, robotics and clean 
energy technology providers ; 
 Mizuho is a subsidiary of Mizuho Financial Group Inc. , which offers  financial 
and strategic serv ices, including banking, securities, trust and asset management, 
credit card, priv ate banking and venture capital;  
 OTB provid es a mobile trading brokerage application that allows investors 
residing in Japan to trade securities (US-listed shares and Japanese exchange -
traded funds ) on the go . 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C  242, 22.07.2020 , p. 19. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(a) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the no tified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivie r GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .