Yahoo Japan Parent, Line Announce Biz Integration
Tokyo, Nov. 18 (Jiji Press)--Yahoo Japan Corp.'s parent, Z Holdings Corp. <4689>, and free messaging app provider Line Corp. <3938> said Monday they have agreed to integrate their business operations in a deal that will create Japan's biggest internet service group, with some 100 million users.
The two sides aim to pass screenings by the Japan Fair Trade Commission in order to complete the deal in October 2020, hoping to compete with overseas information technology giants, such as Amazon.com Inc.
"We want to become a company that will lead the rest of the world from Japan and Asia," Z Holdings President Kentaro Kawabe said at a press conference.
Z Holdings and Line said they plan to "make investments to generate growth in new fields," such as artificial intelligence, e-commerce, fintech and advertising.
"We have to focus on AI to counter overseas rivals," he added, suggesting that the envisaged integrated group will invest some 100 billion yen annually in the AI field to strengthen its competitiveness.
[Copyright The Jiji Press, Ltd.]