SoftBank's LY corp. to consolidate LINE MAN operations in Thailand

SoftBank Corp. announced on September 11, 2025, that its consolidated subsidiary, LY Corporation, will acquire additional shares in LINE MAN Corporation (LMWN), transitioning LMWN from an equity-method affiliate to a consolidated subsidiary. This strategic move aims to strengthen collaboration in Thailand's on-demand services, primarily food delivery, and digital solutions for merchants. As a result, LMWN and its subsidiaries, Decacorn Co. and LINE MAN (Thailand) Company, will also become consolidated subsidiaries of LY and are expected to be classified as specified subsidiaries of SoftBank Corp.

The consolidation involves LY's subsidiary, LINE Southeast Asia Corp. (LSEA), acquiring LMWN shares from Apfarm Investment Pte Ltd and Gamnat Pte. Ltd., along with an amendment to the shareholders' agreement and LSEA receiving a comprehensive proxy for future voting rights from Mirai Fund Limited Liability Partnership. These actions are expected to grant LY substantial control over LMWN.

In addition to the initial share acquisition from Apfarm of 9,842,200 shares for $103m, LY plans further transactions by December 2025, including additional acquisitions from Apfarm ($39m) and Commercial Alliance L.P. ($50m), and a capital increase in LMWN ($130m). These will increase SoftBank's indirect ownership of LMWN to 80,969,111 shares, representing 61.1% of voting rights. SoftBank expects to record a gain on remeasurement from business combinations in its consolidated financial results for the fiscal year ending March 2026.