Deals
Line Climbs After Deal to Boost Stake in Snapchat Clone Snow
- Combined photo business will include Snow and B612 apps
- Shares climb the most in five months in Tokyo trading
This article is for subscribers only.
Line Corp. jumped the most in five months after Japan’s biggest instant messaging service said it will combine its photo app operations and boost a stake in a popular Snapchat clone.
The stock rose as much as 5.6 percent to 3,790 yen in Tokyo on Friday, the biggest intraday jump since Sept. 28. Line said it will increase its stake in Snow, a Snapchat-like service popular in Asia, to 48.6 percent from 25 percent and hand over its camera operations including B612 selfie app in exchange for the shares. Line’s parent Naver Corp. currently owns 75 percent of Snow.