SoftBank to pay $ 1.6 billion for rights to Yahoo Japan
TOKYO, July 5 (Reuters) – SoftBank’s internet business, Z Holdings Corp (4689.T), said on Monday it had agreed to pay 178.5 billion yen ($ 1.61 billion) for the rights to the Yahoo brand and technology in perpetuity in Japan.
Unlike Yahoo’s withdrawal from the United States, the brand remains a staple of SoftBank’s domestic internet business, where the name adorns a web portal and services such as shopping and weather.
Verizon Communications Inc (VZ.N) hands media companies including Yahoo and AOL to private equity firm Apollo Global (APO.N) after struggling to compete with internet giants in a $ 5 billion deal expected to close in the second half of this year.
The Yahoo Japan transaction will go into effect after the Apollo deal closes.
Formerly known as Yahoo Japan, SoftBank’s internet business has been renamed Z Holdings and leverages services such as the PayPay payment app and the Line chat app to grow in Japan and South Asia -Is.
($ 1 = 110.9800 yen)
Reporting by Sam Nussey, editing by Louise Heavens and Kevin Liffey
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