SoftBank to create $30 billion tech giant via Yahoo Japan, Line Corp deal

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.

Source: Tech Daily Report (techdailyreport.net)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SoftBank to create $30 billion tech giant with Yahoo Japan, Line Corp mergerJapan's SoftBank Corp plans to merge internet unit Yahoo Japan wit...
Source: Reuters - 🏆 2. / 97 Read more »

SoftBank's Yahoo Japan, Line Corp announce mergerJapanese telco SoftBank Corp on Monday announced plans to merge its int...
Source: Reuters - 🏆 2. / 97 Read more »

Yahoo Japan and Chat App Line Agree to MergeYahoo Japan and chat app Line plan to merge, saying after the tie-up they would aim to become 'one of the world's leading artificial intelligence technology companies'
Source: WSJ - 🏆 98. / 63 Read more »

SoftBank to create $30 billion tech giant with Yahoo Japan, Line Corp mergerJapan's SoftBank Corp plans to merge internet unit Yahoo Japan wit...
Source: Reuters - 🏆 2. / 97 Read more »

SoftBank to create $30B tech giant with mergerThe Japanese company is looking to merge South Korean owned Line with Yahoo Japan, recently renamed to Z Holdings Corp.
Source: trtworld - 🏆 101. / 63 Read more »

SoftBank's Yahoo Japan, Line Corp announce mergerJapanese telco SoftBank Corp on Monday announced plans to merge its int...
Source: Reuters - 🏆 2. / 97 Read more »