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SoftBank to become owner of 51% stake in Japanese Line Corp

Author at TechGenyz Business
SoftBank Line Partnership

SoftBank has entered an agreement with Line to acquire a majority stake in the company’s mobile business. They are coming together to carve strategic partnership for purpose of expansion of their mobile service.

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After the fulfillment of terms, SoftBank will become owner of 51 percent. stake in Line Mobile, Line’s mobile virtual network operator (MVNO) by an allocation of new shares here Line will hold 49 percent. This agreement is expected to be completed by March 2018.

Through this partnership between Line — which brought to light a new form of communication in the smartphone generation — and SoftBank — the first carrier in Japan to carry the iPhone and drove the smartphone market — we will bring together our mutual strengths and strive to further improve users’ experiences with Line Mobile and continue to provide an appealing service that builds value in response to users’ diverse needs. – Ayano Kado, Director and President of Line Mobile

The spokesperson of Line further stated that Kado will be continuing her role as Line Mobile’s representative director and president of the company. This step was initiated as Line was facing a very tough competition from the likes of Facebook-owned WhatsApp in its four key markets of Japan, Thailand, Indonesia and Taiwan.

We are also waiting for more official statements to be released from the company. For more updates regarding this article stay tuned to our website.

Via: CNBC

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