Softbank will not invest in messaging app, says COO
19 September 2014 |
Ken Miyauchi, COO at Softbank, told reporters today that it has no plans to invest in messaging application, Line, amid rumours that the pair were to unveil a strategic alliance.
Owned by South Korean Naver, Line reportedly attracted investment from SoftBank and Alibaba Group earlier this year, and plans to hold a media event about its business strategy on October 9, sparking rumours that Softbank could again be interested in the firm.
A source with knowledge of the situation told Reuters in July that Naver was not considering a stake sale to either Softbank or Alibaba.
However, Line has reportedly now submitted applications in both New York and Tokya for an initial public offering.