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SoftBank to create $30 billion tech giant

Reuters Videos
Updated

Softbank has announced plans to create a 30 billion dollar tech giant.

The Japanese company confirmed plans to merge its internet unit Yahoo Japan,

which last month changed its name to Z Holdings,

with messaging app Line Corp - by October 2020.

The merger would bring together Japan's biggest QR code payment apps,

Combining a potential customer base of 100 million users.

Line is a popular chat app owned by South Korea's Naver Corp.

But it's losing money.

If the deal goes through,

SoftBank and Naver would form a 50:50 venture that will control Z Holdings.

The joint venture will operate Yahoo Japan and Line.

The merger is Softbank's latest move to bag struggling tech firms.

As it looks to bulk up against its rivals.

Softbank and Naver are aiming for a concrete agreement by December.