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Softbank Corp (9434. T) plans to merge its Internet company Yahoo Japan with line Corp (3938. T), a communications application operator, to create a $30 billion technology giant. The company is now taking revenue from struggling Internet companies to compete with rivals such as Lotte (4755. T).
Yahoo Japan will merge with line and the deal will be completed in October 2020, Softbank said in a statement. Yahoo Japan changed its name last month to Z holdings Corp (4689. T). Line is owned by naver Corp (035420. KS) of South Korea.
The two companies plan to reach a final agreement next month, with Softbank and naver forming a 50% joint venture that will take control of Z holdings, which will operate Yahoo Japan and line.
Softbank and naver plan to offer 5200 yen per share for the remaining line shares, which is 13.4% higher than the line share price before the merger. Line shares rose 2.6 percent to 5180 yen in early trading in Tokyo on Monday.

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