• Kyodo

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SoftBank Group Corp. said it has agreed to take a majority stake in Line Corp.’s mobile unit for an undisclosed sum.

The deal, to be finalized around March, will give SoftBank Corp. — the Tokyo-headquartered telecom and technology conglomerate’s mobile phone subsidiary — 51 percent ownership of low-cost carrier Line Mobile Corp. through an issuance of new shares. Line, which operates the messaging application of the same name, will hold the remaining 49 percent.

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