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Uber to Establish $150 Million Joint Venture with SK Telecom to Expand in South Korea

South Korea’s SK Telecom plans to split up its ride-hailing department “T Map Mobility” by the end of this year, to create a service company with more than 200,000 drivers and 750,000 taxi users per month.

According to reports on October 19th, South Korea’s SK Telecom plans to split up its ride-hailing department “T Map Mobility” by the end of this year, to create a service company with more than 200,000 drivers and 750,000 taxi users per month. The company will form an online car-hailing joint venture with Uber, who will invest US$100 million to acquire 51 percent stake in the company, to expand services in South Korea and alleviate local competitive and regulatory pressures. Uber will also invest US$50 million in T Map Mobility. The joint venture is expected to start operations in the first half of next year (Source).


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