Kakao Pay Corp. (KOSE:A377300) is seeking to acquire Loca Mobility Corp., up for sale by its owner MBK Partners Ltd. Kakao Pay hopes that its potential acquisition of Loca, the second-largest public transportation card operator in the country, will help it expand its business scope as well as create synergy with affiliate Kakao Mobility Corp., which runs Korea’s most popular taxi-hailing app, Kakao T, people familiar with the matter said on December 2, 2022. MBK Partners will open a preliminary bid on December 6, 2022, to sell a 100% stake in Loca Mobility -- currently owned by Lotte Card CO.,LTD. -- according to investment banking sources.

MBK has already been in exclusive talks with some potential buyers for the sale of Loca Mobility. Macquarie Asset Management and SOCAR Inc. (KOSE:A403550) are also expected to participate in the December 6, 2022, bidding, the sources said. MBK and Lotte Card hope to fetch some KRW 300 billion ($231 million) from the sale of Loca Mobility, the people said.

JP Morgan is the lead manager of the sale.