Amid a competitive landscape dominated by tech giants from the US and China, two well-known Asian companies are looking to consolidate their resources to become the next leader in AI technology.
Japanese investment conglomerate Softbank and South Korean internet giant Naver Corporation have agreed to form an equally owned joint venture to take messaging company LINE private. The consolidation is part of a multi-step transaction that also involves Z Holding Corporation, a Softbank subsidiary formerly known as Yahoo Japan.
The joint venture will privatise LINE at 5,200 $36.85 a share, a 16% premium to its 100-day share price average. Softbank will then move Z Holdings into the...
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