Naver Subsidiary Acquires Additional 768.3 Billion KRW Shares of Japanese Affiliate

[Asia Economy Reporter Seungjin Lee] Naver announced on the 23rd that its subsidiary (LINE) will additionally acquire one share of its Japanese business preparation company affiliate (LINE Split Preparation) for approximately 768.3 billion KRW.

After the acquisition, the shareholding ratio will be 100%. The scheduled date of stock acquisition is the 28th.

Naver stated that the purpose of this stock acquisition is "to change the governance of the affiliate company."

LINE, Naver's Japanese subsidiary, is undergoing a business integration with Z Holdings, a subsidiary of Japan's SoftBank.

As part of the business integration process, LINE is proceeding with the procedure to transfer all of LINE's business to LINE Split Preparation (LINE operating company), and this announcement is part of the procedure for such a business transfer of LINE.

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