SEOUL - Uber Technologies said on Friday it will invest over US$150 million in a joint venture and partnership with South Korea's SK Telecom Co Ltd, which is proposing to split off its mobility business.
The US ride-hailing company currently offers premium taxi-hailing and registered taxi-hailing services in South Korea, a market dominated by local player Kakao's mobility unit. Under the plan, SK Telecom would split off its mobility services including satellite navigation and taxi-hailing into a new company called T Map Mobility, which Uber would then back with a direct investment of US$50 million and another $100 million in a joint venture structure, the companies said.
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