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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology S.Korea's NHN buys Japanese Internet provider Livedoor AFP - Tuesday, April 13 Send IM Story Print Employees of South Korea's NHN are reflected in a logo of the company in Bundang, south of Seoul, in 2005. NHN has agreed to buy its Japanese rival Livedoor for 6.3 billion yen (67.5 million dollars), the two companies said Monday. Slideshow: Full Photo Coverage: Internet Portals & Search Engines TOKYO (AFP) - – South Korea's largest Internet portal company NHN has agreed to buy its Japanese rival Livedoor for 6.3 billion yen (67.5 million dollars), the two companies said Monday. In a joint statement the companies said that NHN, which runs South Korean Internet search engine Naver, has signed a contract on the deal with LDH Corp., the owner of Livedoor. The deal will see LDH sell 100,000 shares in Livedoor to NHN by May 10, they said. The sale accounts for 99 percent of LDH's holding. "We would like to expand Livedoor as our core business so that we can aim to become the best Internet company in Japan," Akira Morikawa, president of NHN Japan, a Japanese unit of NHN, told a news conference in Tokyo. With the new ownership, the company said it hoped to expand its business in Asia, particularly in South Korea and China, where NHN has a strong presence. LDH was formerly known as Livedoor Holdings, delisted in April 2006 in the wake of an accounting fraud scandal involving its founder, Takafumi Horie, who was jailed for two and a half years. Livedoor has since recovered from the episode and reported annual revenue of 4.9 billion yen in its fiscal 2009, positioning itself as the eighth-largest portal website in the country. LDH is still embroiled in lawsuits filed by Livedoor shareholders seeking compensation for losses after its stock price plunged following the scandal. NHN formed NHN Japan in September 2000 and has since been developing its popular online game site, named "Hangame", in the Japanese market. Recommend Send IM Story Print Related Articles Microsoft unveils new mobile phones for young consumers AFP - Tuesday, April 13 US-TECH Summary Reuters - Tuesday, April 13 Best Buy to sell Barnes & Noble's Nook e-reader Reuters - Tuesday, April 13 Microsoft launches Kin phones Reuters - Tuesday, April 13 Shakespeare's "Romeo and Juliet" in Twitter twist Reuters - Tuesday, April 13 News Search Top Stories Ukraine promises to give up uranium at world nukes summit Fresh doubts hit Europe's Greek bailout offer UBS reports 2.5 bln francs in quarterly pre-tax profit Greek debt plan boosts euro, most Asian shares Euro rises on Greek rescue package More Top Stories » Related Full Coverage Internet Portals & Search EnginesLatest development in the online world All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Ukraine promises to give up uranium at world nukes summit 'All bets are off' if US under WMD attack: Clinton Fresh doubts hit Europe's Greek bailout offer Taiwan's male 'Susan Boyle' a web sensation American teen aims for Everest record More Most Viewed » 'Rare' fossil of new dinosaur species found in US Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation Junkies and junk-food addicts share craving mechanism Toad is a telltale for impending quakes: scientists More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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