Naver lands $13.3 billion from Line-Yahoo merger

Thursday, 29. April 2021 18:28

South Korean internet portal operator Naver booked a profit of $13.3 billion from the merger of its subsidiaries Line Corporation and Yahoo! Japan Corporation, the company officially announced on Thursday.

The one-time windfall boosted the net profit of Naver to $13.8 billion for the first quarter of fiscal 2021, stemming from accounting gains that reflect Line's shares after its assets came off the books post-merger.

Line's merger with Yahoo! Japan, announced in November last year, was completed alongside its integration with Z Holdings, a subsidiary of both Naver and Japan's SoftBank Group. As the result of the merger, Line was removed from Naver's consolidated accounting.

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