Subscribe to Our Newsletter

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks
Uber to Acquire Full Stake in South Korean Mobility Unit UT
Source: Uber

Uber to Acquire Full Stake in South Korean Mobility Unit UT

Global ride-hailing firm Uber to acquire 100% stake in Tmap Mobility's UT division amid 80% user growth in Korean market, deal closes 2024.

Philip Lee profile image
by Philip Lee

Seoul, South Korea - Uber (NYSE: UBER) announced it will acquire a 100% stake in UT, the mobility division of Tmap Mobility, with the transaction expected to close in early 2025 subject to Tmap Mobility shareholder approval.

Uber's taxi service reported an 80% year-on-year increase in users during the first half of 2024, highlighting the company's growth trajectory in the South Korean market.

The acquisition follows three and a half years of collaboration between Uber and SK Square subsidiary Tmap, during which the companies focused on developing their market presence.

"We are delighted to expand our investment in the Korean market, which shows high growth potential, to ensure sustainable growth and mutual prosperity in the mobility industry," said Dom Taylor, Uber's Asia-Pacific Regional Head.

The agreement reflects the successful partnership between Uber, SK Square, and Tmap Mobility, with plans to continue collaboration on mapping technology optimized for Korean terrain.

Upon shareholder approval, Uber will secure full operational control of UT, with plans to enhance its technological infrastructure, safety features, and service quality.

Philip Lee profile image
by Philip Lee

Subscribe to The Pickool

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks

Read More