Deal targets SK Square, financial investor stakes; aims for year-end close

SK Square to retain partial stake, preserving AI cooperation ties

T-map Mobility [Provided by T-map Mobility]
T-map Mobility [Provided by T-map Mobility]

Goldman Sachs is moving to acquire a controlling stake in T-map Mobility, the operator of T-map, South Korea's top navigation service.

SK Square, T-map Mobility's largest shareholder, is in negotiations with Goldman Sachs over the sale of a controlling interest, with both sides targeting a deal by year-end, according to Yonhap.

Goldman Sachs is also considering buying out shares held by key financial investors alongside SK Square's 63.23% stake, including holdings by KB Kookmin Bank, private equity fund manager Affirma Capital and Eastbridge Partners.

The investment bank aims to commit between 700 billion and 800 billion won ($599 million) to secure a 60 to 70 percent stake in T-map Mobility.

SK Square plans to retain a portion of its stake rather than selling its entire holding, maintaining a cooperative relationship with T-map Mobility in the AI sector.

SK Square, the largest shareholder of SK hynix, has been restructuring its asset portfolio to concentrate on AI and semiconductors. In line with that strategy, SK Square sold digital advertising firm Incross to SK Networks in January and divested One Store to Nexus in June.


an@heraldcorp.com