japantoday– Yahoo Japan Corp said Monday it will acquire trademark rights related to the use of the Yahoo brand in Japan for 178.5 billion yen ($1.6 billion) from a subsidiary of U.S. Verizon Media to enhance its corporate value.
The deal will enable the internet and e-commerce giant to use the Yahoo brand and licensed technology in Japan without paying royalties, while also giving its operator Z Holdings Corp “greater flexibility” in using the brand and in the development of its businesses.
A new license agreement will take effect after U.S. investment firm Apollo Global Management Inc. completes its acquisition of Verizon Media expected in the second half of 2021, Yahoo Japan and Z Holdings said in their press releases.
Verizon announced in May it will be acquired by Apollo.
Yahoo Japan was co-founded by Yahoo Inc and SoftBank Corp, the current SoftBank Group Corp, in 1996 and has paid parts of its revenues to the U.S. firm.
Z Holdings, a SoftBank Group subsidiary, merged in March with messaging app provider Line Corp to expand their online services globally as they aim to better compete with U.S. and Chinese tech giants.