He added that Naver and Softbank`s 50-50 joint venture in Korea and Japan “did not take place when the two countries had good relations,” and also said he thought there would be similar cases in the future. The two IT companies have already signed a basic agreement to create the new 50:50 joint venture. The partnership will become Z Holdings` largest shareholder under the agreement. Z Holdings is a parent company of Yahoo Japan and a subsidiary of Softbank. Yahoo Japan and Line will become subsidiaries under the new company. The deal will become the largest internet platform in Japan once the joint venture is settled. With over 100 million users, the platform will include search, messaging, digital payments and e-commerce. SoftBank Corp. and Mapbox, the competing map data company of Google and Here, announced the creation of a joint venture called Mapbox Japan. The company aims to compete with the United States.
Internet giants such as Google, Apple, Facebook and Amazon and Chinese IT titans such as Baidu, Alibaba, Tencent and Huawei. According to the announcement, SoftBank Corp., the parent company of Z Holdings and a mobile unit of SoftBank Group Corp., as well as Line`s parent company, Naver Corp. of South Korea, will acquire all of Line`s shares for an estimated amount of 5,200 yen per share through a joint takeover bid. The two companies signed a basic integration agreement on 18 November. “We will create synergies in each business area while continuing the growth of artificial intelligence (AI), commerce, fintech, advertising, online to offline (O2O) and other business areas to successfully manage fierce competition in Japan and global markets,” the two sides said. Softbank has signed an agreement with South Korea`s Naver Corp, owner of messaging app Line, to merge it with Yahoo Japan. Naver owns 73% of Line, while Softbank owns 45% of Z Holdings. Line, the most widely used messaging app in Japan, has more than 80 million users. The agreement is expected to be finalised by October 2020. The companies are aiming for a definitive agreement by next month in a deal in which SoftBank Corp and Naver will form an equally divided joint venture partnership that will control Z Holdings, which in turn will operate Yahoo Japan and Line. Under the terms of the agreement, Naver and SoftBank will make a takeover bid to acquire all of LINE`s shares, and then LINE will become a joint venture in which Naver and SoftBank will share the 50-50 voting rights. In addition, the joint venture will become the majority shareholder of Z Holdings, which in turn will control the LINE messaging platform, the Yahoo! Japan portal, the Yahoo! Shopping and JoJo trading platforms and the financial services provider Japan Net Bank.
The row shares are then removed from the list. Following the acquisition, SoftBank and Naver Line will transform into a 50-50 joint venture with Z Holdings under its umbrella. Yahoo Japan and Line will be hosted under Z Holdings Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, a unit of investment conglomerate SoftBank Group Corp. “Even comparing the size of the operations, there is currently a big difference between these foreign companies and those of Japan and other Asian countries. unlike China. The gigantic project to build a super high headquarters for Hyundai Motor Group in the south. .