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SoftBank to create $30 billion tech giant with Yahoo Japan, Line Corp merger

Added 11-18-19 06:03:02am EST - “Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messagi...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “SoftBank to create $30 billion tech giant with Yahoo Japan, Line Corp merger”. Below is an excerpt from the article.

TOKYO (Reuters) - Japan’s SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and U.S. tech powerhouses.

The deal, which would combine the providers of two of Japan’s top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business.

It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund.

The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork.

Telecoms firm SoftBank Corp said in a statement that 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.

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