SoftBank's internet business to invest US$5 billion to resist overseas tech giants

SoftBank's internet subsidiary Z Holdings outlined plans on Monday to invest 500 billion yen in technology over five years to resist an onslaught from larger overseas rivals.

The announcement follows the merger of its internet business Yahoo Japan with chat app operator Line, creating a US$30 billion domestic internet heavyweight.Z Holdings said it is targeting sales of 2 trillion yen and operating income of 225 billion yen in three years, as the COVID-19 pandemic boosts demand for online services.

Z Holdings remains a consolidated subsidiary of SoftBank. Naver was the previous majority owner of Line.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jardine Matheson to restructure via US$5.5b cash acquisitionJardine Matheson Holdings has announced its plans to simplify the parent company structure of the group by acquiring by cash 15% issued share capital of Jardine Strategic Holdings that it does not already own. singaporebusinessreview acquisition
Source: SBRMagazine - 🏆 13. / 51 Read more »