SoftBank Group Corp. (SBG) has announced a strategic move to consolidate its influence over Line Man Corporation (LMWN) by converting it into a consolidated subsidiary. This decision involves acquiring shares to gain substantial control over LMWN, which operates primarily in Thailand’s food delivery and digital solutions sectors.
The consolidation will see LY Corporation, a subsidiary of SBG, acquiring shares from Apfarm Investment and Gamnat through Line Southeast Asia Corp. (LSEA).
The move is aimed at bolstering collaboration with LMWN, which is already an equity method associate of LY. The acquisition will increase LY’s voting rights in LMWN from 41.8% to 49.9%, with plans to further raise this to 61.1% by the end of December 2025, subject to regulatory approvals in Singapore and Thailand.
This strategic consolidation is significant for SBG as it seeks to expand its footprint in the competitive on-demand services market in Southeast Asia. The integration of LMWN and its subsidiaries as specified subsidiaries of SBG underscores the group’s commitment to strengthening its operational capabilities and market presence in the region.
