US Duo Pick Up Roles on Multibillion-Dollar SoftBank Deal
The two firms are advising SoftBank on a joint venture with South Korean tech giant Naver, which involves merging key business lines.
November 18, 2019 at 07:15 AM
2 minute read
Cleary Gottlieb Steen & Hamilton and Simpson Thacher & Bartlett are advising on a multibillion-dollar tech deal, which will see Japanese and South Korean tech giants SoftBank and Naver Corp embark on a joint venture.
SoftBank said in a statement that its subsidiary, Yahoo Japan, which changed its name last night to Z Holdings Corp, will merge with Naver-owned Line Corp, creating an internet giant. The deal will create a $30 billion business, according to Reuters.
Line is one of the dominant chat apps in Japan, claiming to host more than 80 million active monthly users. The deal will also involve a buyout of Line's minority shareholders.
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