Yahoo Japan and South Korean-owned Line Corp confirm merger to create a $30 billion tech giant
The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan. July 20, 2017.
The telco in a statement said Yahoo Japan, which last month changed its name to Z Holdings Corp, will merge with Line, owned by South Korea’s Naver Corp, in a deal to be completed in October 2020. SoftBank Corp and Naver, which owns 73 percent of money-losing Line, plan to launch a tender offer for Line’s remaining shares at $0.048 each – a 13.4 percent premium to the shares’ price before news of the merger broke. Line’s shares were up 2.6 percent at $0.048 in early Tokyo trade on Monday.
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