SoftBank’s internet business to invest $4.7 billion in tech over five years

SoftBank’s internet subsidiary Z Holdings on Monday outlined plans to invest 500 billion yen ($4.7 billion) in technology over five years with a focus on artificial intelligence.

The announcement follows the completion of the merger of its internet business Yahoo Japan with chat app operator Line creating a $30 billion internet heavyweight.

Z Holdings is targeting sales of 2 trillion yen and operating income of 225 billion yen by 2023, the firm said in a statement.