Livedoor selling off its finance businesses November 22, 2006Posted by fukumimi in Economy & Business, Internet, Japan.
Livedoor is selling off its financial services arm, Livedoor Financial Holdings (LFH), to Advantage Partners, a Tokyo based PE firm. The price is rumoured to be in the region of 20Billion Yen, approximately $170M.
Livedoor Financial Holdings owns 6 fully owned subsidiaries, Livedoor Finance, Livedoor Securities, Bitcash, Livedoor Credit, Livedoor Card, and Livedoor Commodity.
LFH was responsible for around 90% of the entire Livedoor group’s operating profits, which just shows how silly it was to continue to call Livedoor an internet company during most of the time it was in the media spotlight, even if many of the financial services were offered via the internet.
Livedoor says it plans to focus on its ‘core’ internet portal business going forward.
The deconstruction of the Livedoor empire continues.