LY Corporation to fully acquire LINE MAN, boost Thai on-demand services

LY Corporation announced a resolution to acquire shares in LINE MAN Corporation Pte. Ltd. (LMWN), an equity-method affiliate, making it a consolidated subsidiary by the end of September 2025. This move aims to enhance collaboration in food delivery and digital solutions for merchants in Thailand. The acquisition involves LY Corporation's subsidiary, LINE Southeast Asia Corp. Pte. Ltd. (LSEA), acquiring 9,842,200 LMWN shares from Apfarm Investment Pte Ltd and Gamnat Pte. Ltd. for $103 million.

Following this initial acquisition, LY Corporation plans to further increase its indirect ownership in LMWN through additional share acquisitions and a capital increase by the end of December 2025. This includes acquiring 3,732,460 LMWN shares from Apfarm for $39 million, 4,780,115 LMWN shares from Commercial Alliance L.P. for $50 million, and 12,428,298 new LMWN shares for $130 million via a capital increase. These transactions are expected to boost LY Corporation's indirect holding in LMWN to 80,969,111 shares, representing 61.1% of voting rights.

The consolidation is expected to result in a gain on remeasurement related to business combinations, which will be recorded in LY Corporation’s consolidated financial results for the fiscal year ending March 2026. LMWN and its subsidiaries are anticipated to become specified subsidiaries due to their capital exceeding 10% of LY Corporation’s capital.