SoftBank will create a $30 billion tech giant by merging Yahoo Japan with messaging app operator Line Corp via ReutersBiz
TOKYO - 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 U.S. tech powerhouses.
The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork. Line’s shares closed up 2.2% at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2%, with Naver’s shares up 2.9% and SoftBank Corp’s down 0.3%.
SoftBank Group’s Son frequently laments Japan’s tardiness in emerging fields like artificial intelligence, with Monday’s presentation showing even after combining the company’s research and development budget would be dwarfed by overseas rivals.
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