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.

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