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This is the latest tie-up between companies in Japan looking to bolster their online offerings in the face of competition from Amazon. In January, Walmart and Rakuten said they would launch an online grocery delivery service.
SoftBank is an existing investor in Didi, which raised $4 billion to fund its global push in December.
Such a deal would make SoftBank the largest investor in the reinsurance group.
Line said SoftBank would hold a 51% stake in the mobile business after the issuance of new shares, with Line holding the remaining 49%.
Walmart’s leadership is looking for new ways to grow its international business, which is no longer the growth engine it once was,
The new funds would be in addition to billions of dollars which SoftBank has access to through the Vision Fund.
Uber disclosed that it covered up a 2016 data breach which compromised data of some 57 million customers and drivers.
Uber said this week that a planned deal with SoftBank and Dragoneer Investment Group was moving forward. The investment could be worth up to $10 billion.
Sprint and T-Mobile said on Saturday they had called off merger talks, denting the dealmaking credentials of Son.
Excluding profit from the Vision Fund, income would have fallen 4%.