Naver's Japanese Subsidiary Acquires Line for 1.0722 Trillion Won per Share

[Asia Economy Reporter Song Seung-yoon] Naver announced on the 28th that its Japanese subsidiary Naver J-Hub will acquire 1 share of another Japanese subsidiary, LINE, for 1.0722 trillion KRW.

Naver J-Hub publicly purchased 15,617,335 shares of LINE, achieving a 50% stake. Subsequently, LINE was delisted, and the total number of issued shares was consolidated from 241,544,142 shares to 8 shares.

As a result, the shares of LINE owned by shareholders other than Naver J-Hub amounted to less than one share, so LINE, with approval from the Japanese court, decided to sell this fractional share to Naver J-Hub and SoftBank.

Once this process is completed, LINE will become a consolidated subsidiary of SoftBank, with Naver and Naver J-Hub holding 50% and SoftBank holding the other 50% stake.