South Korea's Naver to buy Livedoor remnants
Korean search engine acquires Japanese portalTOKYO -- The remnants of Livedoor Co. -- which five years ago was engaged in a controversial takeover bid for Fuji TV -- is to be bought out by leading South Korean net portal Naver.
NHN, the parent company of Naver, is believed to covet Livedoor’s blog hosting services and other online operations including a match-making platform. The Livedoor portal has 30 million users and has been growing its business again in recent years.
Now known as LDH Corp, Livedoor Holdings was the vehicle of Takafumi Horie, who went on to spend time in prison for misleading shareholders. Horie still denies the charges, maintaining he was victimized for challenging the business establishment with his aggressive takeover bids.
Naver remains Korea’s dominant search engine and has been expanding its presence in Japan.
Estimates on the size of the deal range from ¥5 billion-¥10 billion ($53 million-$106 million).