Uber to invest in S.Korea SK Telecom's mobility business (updated)

SK Telecom Co

16/10/2020 24:24

(Adds details about SK Telecom's proposed mobility business
split-off, joint venture with Uber)
    SEOUL, Oct 16 (Reuters) - Uber Technologies  UBER.N  said on
Friday that it will invest over $150 million into a joint
venture and partnership with South Korea's SK Telecom Co Ltd
 017670.KS , which is proposing to split off its mobility
business. 
    SK Telecom planned to split off its mobility business unit
and launch T Map Mobility, while Uber would invest over $100
million in a joint venture with T Map Mobility and about $50
million in T Map Mobility, the companies said in a joint
statement. 
    Shareholders would vote on the plan at a general meeting on
Nov. 26, and once approved, it would take effect on Dec. 29. 
    SKT expects T Map Mobility, valued at about 1 trillion won 
($873.3 million), to grow into a company worth 4.5 trillion won
by 2025, the companies said.  
    Uber will own 51% of the joint venture, while SK Telecom
will hold the remaining 49%.  


($1 = 1,145.0400 won)

 (Reporting by Joyce Lee and Hyunjoo Jin; Editing by Stephen
Coates)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))