Naver Parent buys Livedoor Portal
NHN Corp.’s Japanese unit said Monday that it has bought portal service provider Livedoor Co. from Japan’s LDH Corp. for Y6.3 billion ($67.6 million), which will help the Korean company strengthen its presence in the Japanese portal segment. NHN, the owner of Naver, South Korea’s biggest Internet search engine by revenue, said in a regulatory filing that it will pay for the purchase some time before May 15.
Livedoor Holdings was delisted in April 2006 in the wake of an accounting fraud case involving its founder, Takafumi Horie. He was jailed for more than two years after he was found guilty of manipulating the earnings of his company. Livedoor, which operates a Web portal and shopping sites among its many businesses, had a market capitalization of more than $7 billion. via Total Telecom
At about 1 penny on the former glory market cap dollar.. no doubt! [Eds]