Uber to invest over $150m in JV with SK Telecom’s mobility business

The Uber Technologies Inc. application is displayed in the App Store on an Apple Inc. iPhone in an arranged photograph taken in Arlington, Virginia, U.S. on Monday, April 29, 2019. Photographer: Andrew Harrer/Bloomberg

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%.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.