Yahoo 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'
TOKYO—Internet portal Yahoo Japan Corp. and chat app Line said Monday they have reached a basic agreement to merge in a deal that includes buying out Line Corp.’s minority shareholders.
Under the merger terms, a SoftBank Group Corp. subsidiary and Line parent Naver Corp. of South Korea will each hold 50% of a joint-venture company that in turn will control a holding company housing the operations of Yahoo Japan and Line. Media, including The Wall Street Journal, reported last week that the 50-50 arrangement was being studied.
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