SoftBank’s Yahoo Japan, Line Corp announce merger

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FILE PHOTO: The brand of SoftBank Group Corp is displayed at SoftBank World 2017 convention in Tokyo, Japan, July 20, 2017. Information/Issei Kato/File Picture

TOKYO (Information) – Japanese telco SoftBank Corp (9434.T) on Monday introduced plans to merge its web unit Yahoo Japan with messaging app operator Line Corp (3938.T) because it scoops up troubled web firms to bulk up in opposition to rivals like Rakuten Inc (4755.T).

SoftBank mentioned in an announcement that Yahoo Japan, which final month modified its identify to Z Holdings (4689.T), will merge with Line in a deal to be accomplished by October 2020.

Z Holdings and Line will maintain a information convention at 0800 GMT.

Reporting by Sam Nussey; modifying by Jane Wardell