Uber to Invest More Than $150 Million in SK Telecom's Mobility Business
16 Outubro 2020 - 2:35AM
Dow Jones News
By Kwanwoo Jun
Uber Technologies Inc. plans to invest more than $150 million in
SK Telecom Co.'s mobility business, which could be split off as
early as next year.
The U.S. ride-hailing company's planned investment will mark a
fresh push after an unsuccessful bid in 2015 to expand its business
presence in South Korea, where local rivals dominate.
This time, Uber joins hands with SK Telecom, the second-largest
taxi-hailing platform operator in the country after Kakao Corp. SK
Telecom said in a statement Friday that it plans to spin off its
taxi-hailing and other mobility businesses to create a company
called T Map Mobility, which will launch a joint venture with
Uber.
Uber will first invest $50 million in T Map Mobility, then
inject more than $100 million in the joint venture for a 51% stake,
the statement said.
SK Telecom, which will hold a 49% stake in the joint venture,
plans to hold a meeting in November for shareholders to vote on the
plan.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
October 16, 2020 01:20 ET (05:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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