Uber to Acquire Full Stake in South Korean Mobility Unit UT

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.