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Rakuten to acquire Japanese pet insurer

Japanese online services and e-commerce giant Rakuten Inc. will acquire pet insurer MottoGyutto Small Amount & Short Term Insurance Co. Ltd.

Under the agreement, Rakuten will acquire the outstanding shares of the pet insurer from CAS Capital Fund No. 6, managed by CAS Capital Inc., according to a March 22 release.

Established in 2003, MottoGyutto provides coverage for family pets, such as dogs and cats, that require treatment or surgery at a veterinary hospital.

Following the deal, MottoGyutto will become a wholly owned subsidiary of Rakuten and will be rebranded as Rakuten Small Amount & Short Term Insurance.

The transaction is expected to be completed March 30, upon relevant regulatory approvals and conditions.