Naver is accelerating management integration, such as reorganizing the corporate structure of Line and Yahoo Japan.
On the 23rd, Naver announced that its subsidiary, Line, has acquired one share of LINE Split Preparation, a’Line Split Preparation Co., Ltd.’ for about KRW 7683 billion.
In addition, Naver announced that Line Split Preparation will acquire 4,942,670 shares of Naver’s Korean mobile service subsidiary Line Plus for 454 billion won.
As a result, Line has 100% (13,301 shares) of Line Split Preparation, and Line Split Preparation has 100% (4942,000,670 shares) of Line Plus.
The expected date to acquire stock is the 28th.
In addition, Line announced that it would acquire another business preparation company, Shiodome Z Holdings.
Naver explained, “It is a process according to the management integration process between Line and Yahoo Japan,” and “a process of arranging the stake relationship of LINE subsidiaries and preparing for the spin-off, etc.”
Japan’s’National Messenger’ line and the largest portal Yahoo decided to consolidate management in November last year.
In August of this year, Naver and Softbank announced that they would launch’A Holdings’, a joint venture (JV) type joint venture with a 50-50 stake.
Naver founder Lee Hae-jin, Global Investment Officer (GIO) will serve as Chairman and Co-CEO of A Holdings’ Board of Directors, and SoftBank’s Chief Executive Officer Ken Miyauchi (CEO) will be co-president.
Line and Yahoo’s management integration is expected to close in March next year.
On this day, Naver announced that “the date of the general shareholders’ meeting of the merger schedule is scheduled for February 2021.”
/yunhap news
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