- Home >> Features >> Technology
SoftBank to merge Yahoo Japan with Line creating $30bn giant
- Tuesday | 19th November, 2019
TOKYO (Reuters) – SoftBank Corp plans to merge internet subsidiary Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech group, as it strives to compete more effectively with local rival Rakuten and US tech powerhouses. It also gives loss-making Line a deep-pocketed patron who can offer its tech expertise, including potentially via the Vision Fund. Telecoms firm SoftBank Corp said Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea’s Naver Corp, in October 2020. The companies plan to reach a definitive agreement by next month under which SoftBank Corp and Naver will form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line. Shares in Z Holdings rose 1.2%, with Naver’s shares up 2.9% and SoftBank Corp’s down 0.3%.
If You Like This Story, Support NYOOOZ
Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.
