Corona pandemic delays Yahoo Japan, Line merger past October

TOKYO (AP) – Online services Yahoo Japan and Line Corp. said on Tuesday that the consequences of the coronavirus pandemic are causing delays that will delay its merger after the October target date.

Z Holdings Corp., which operates Yahoo Japanand Naver Corp. South Korea, which holds a majority stake in Line, announced last year the merger as equal partners that will form a joint venture through a public offering.

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Both sides said the procedures required by law are being postponed because of the outbreak.

"Due, in part, to the impact of the global spread of COVID19, procedures and measures under competition laws in some countries have not been completed," the statement said.

A new schedule will be announced as soon as possible, he said.

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Z Holdings includes Yahoo Japan, Japan Net Bank, distributor of video content Gyao, BuzzFeed Japan and ZoZo fashion e-commerce under its wing. It is also part of the Japanese technology giant SoftBank Group., Which includes solar and robotics.

The planned combination will create one of the largest Japanese net companies in combined sales, with retail, advertising and mobile messaging services. The measure was designed to increase competitiveness in an evolving market, with potential expansion in various sectors focused on the Japanese market.

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Yuri Kageyama on Twitter https://twitter.com/yurikageyama

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