SEOUL (Reuters) – Uber Technologies said on Friday that it will invest over $150 million into a joint venture and partnership with South Korea’s SK Telecom Co Ltd, 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%.
(Reporting by Joyce Lee and Hyunjoo Jin; Editing by Stephen Coates)
