[Alpha Biz= Reporter Kim Sangjin] Tmap Mobility announced on December 20 that its board of directors had approved the sale of its 49% stake in UT, a taxi-hailing platform, to Uber. The transaction is expected to be completed early next year following shareholder approval. Once finalized, Uber will acquire full ownership and operational control of UT.
UT was established in April 2021 as a joint venture between Tmap Mobility and Uber, with the two companies holding 49% and 51% stakes, respectively. The sale includes Tmap Mobility's 75,678 shares in UT, valued at approximately 60 billion KRW (around 45 million USD).
Tmap Mobility plans to focus on accelerating its transition to AI-driven, data-centric business strategies. Despite the sale, both companies will continue their collaboration in areas like mapping technology optimized for the Korean landscape, data sharing, and API development to maintain synergies for domestic users.
Uber stated that this acquisition demonstrates its commitment to long-term investment and growth in the South Korean market. The deal is seen as a move to strengthen Uber’s position and expand its footprint in the region.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
