FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
TOKYO (Reuters) – Japanese telco SoftBank Corp (9434.T) on Monday announced plans to merge its internet unit Yahoo Japan with messaging app operator Line Corp (3938.T) as it scoops up troubled internet companies to bulk up against rivals like Rakuten Inc (4755.T).
SoftBank said in a statement that Yahoo Japan, which last month changed its name to Z Holdings (4689.T), will merge with Line in a deal to be completed by October 2020.
Z Holdings and Line will hold a news conference at 0800 GMT.
Reporting by Sam Nussey; editing by Jane Wardell