SoftBank /Photo: Shutterstock.comUS 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.
The two firms will enter a 50:50 venture that will own Z Holdings outright, which in turn owns both Yahoo Japan and Line.
Simpson Thacher is advising SoftBank, alongside Nagashima Ohno & Tsunematsu, one of the four largest law firms in Japan.
Cleary Gottlieb is advising Naver, with a team comprising U.S. partner Paul Shim and South Korean partners Jinduk Han and Sang Jin Han. Another of Japan's four largest law firms, Nishimura & Asahi, and South Korean law firm Kim & Chang, are also advising Naver.
Earlier in the year, fellow white-shoe firms Sullivan & Cromwell and Davis Polk & Wardwell advised SoftBank on an initial public offering for the conglomerate's domestic telecoms business on the Tokyo Stock Exchange, which at the time aimed to raise $21 billion.
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