SoftBank announces definitive agreement for integration of Z Holdings and LINE

Maria Nikolova

The combined business will seek to grow in areas such as oAI, commerce, Fintech, advertising, and O2O.

SoftBank Group Corp. has earlier today announced that its consolidated subsidiary SoftBank Corp.(TYO:9434), Z Holdings Corporation, and LINE Corporation, a consolidated subsidiary of NAVER, have entered into a definitive agreement for the integration of ZHD group (consisting of ZHD and its subsidiaries) and LINE Group (consisting of LINE and its subsidiaries).

The parties have, since November 18, 2019, been working on discussions and evaluation of business integration between ZHD and LINE.

As one step in the series of transactions to realize the business integration, by resolution of the Board of Directors of NAVER at a meeting held today, and by the decision of Ken Miyauchi, Representative Director, President & CEO, who has been authorized in accordance with the resolution of the Board of Directors of SoftBank at a meeting held today, the Proposing Parties have decided to jointly conduct a tender offer in Japan and the United States.

ZHD, the publicly listed integrated company following the business integration, is expected to be a consolidated subsidiary of SBG and SoftBank. The Business Integration is conditioned on the receipt of required competition law and foreign exchange law approvals and other clearances and permits required by applicable law and regulation.

The Business Integration will be conducted on an equal basis by ZHD and LINE with the aim of forming a business group that can overcome significant domestic and global competition through the ZHD Group and the LINE Group bringing together their business resources and pursuing synergies in respective business areas as well as implementing business investment targeting growth in areas such as AI, commerce, Fintech, advertising and O2O.

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