Uber Technologies plans to acquire the 49% stake in UT, held by TMAP Mobility, a subsidiary of SK Square. The deal, valued at around 60 billion won ($41 million), is expected to close early next year following TMAP Mobility shareholder approval, granting Uber full ownership and operational control of UT.
The acquisition is part of Uber’s strategy to foster sustainable growth in South Korea’s mobility ecosystem, the U.S.-based ride-hailing service said on Dec. 20. TMAP Mobility’s stake in UT amounts to 75,678 shares, valued at roughly 60 billion won.
“We aim to establish ourselves as a trusted partner in South Korea, delivering better services for passengers and drivers,” said Dom Taylor, General Manager of Uber’s rides businesses in the Asia Pacific region.
The deal will provide TMAP Mobility with funds to pursue new data-driven business initiatives while giving Uber an opportunity to strengthen its foothold in the Korean market. UT, founded as a joint venture between Uber and TMAP Mobility, reported an 80% year-on-year rise in users during the first half of 2024.
Over the past three years, Uber has collaborated with TMAP Mobility to offer advanced mapping technology and innovative platforms tailored to Korean consumers. Uber plans to enhance its technological infrastructure, improve safety features, and upgrade service quality to provide a better experience for both drivers and passengers.
