Softbank intends to merge internet subsidiary Yahoo Japan with Line Corp., the messaging app operator, creating a new technology group.
Line, owned by Naver Corp. in South Korea, would become part of a joint venture with Softbank in a merger with Z Holdings, also known as Yahoo Japan. The new company would become a subsidiary of Softbank.
The two companies entered into a non-binding memorandum of understanding and submitted a letter of intent relating to the business integration, according to the Softbank announcement of the deal.
Naver also has significant investments in artificial intelligence.
The venture is planned to become finalized in December.