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UBER TECHNOLOGIES, INC.

(UBER)
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Uber to Invest More Than $150 Million in SK Telecom's Mobility Business

10/16/2020 | 01:21am EDT

By Kwanwoo Jun

Uber Technologies Inc. plans to invest more than $150 million in SK Telecom Co.'s mobility business, which could be split off as early as next year.

The U.S. ride-hailing company's planned investment will mark a fresh push after an unsuccessful bid in 2015 to expand its business presence in South Korea, where local rivals dominate.

This time, Uber joins hands with SK Telecom, the second-largest taxi-hailing platform operator in the country after Kakao Corp. SK Telecom said in a statement Friday that it plans to spin off its taxi-hailing and other mobility businesses to create a company called T Map Mobility, which will launch a joint venture with Uber.

Uber will first invest $50 million in T Map Mobility, then inject more than $100 million in the joint venture for a 51% stake, the statement said.

SK Telecom, which will hold a 49% stake in the joint venture, plans to hold a meeting in November for shareholders to vote on the plan.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

10-16-20 0120ET

Stocks mentioned in the article
ChangeLast1st jan.
KAKAO CORP. -3.77% 115000 End-of-day quote.47.63%
SK TELECOM CO.,LTD 2.99% 310000 End-of-day quote.30.25%
UBER TECHNOLOGIES, INC. 1.36% 45.48 Delayed Quote.-12.02%
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Financials (USD)
Sales 2021 16 061 M - -
Net income 2021 -410 M - -
Net Debt 2021 3 344 M - -
P/E ratio 2021 -191x
Yield 2021 -
Capitalization 84 551 M 84 551 M -
EV / Sales 2021 5,47x
EV / Sales 2022 3,83x
Nbr of Employees 23 700
Free-Float 98,5%
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Mean consensus BUY
Number of Analysts 44
Last Close Price 45,48 $
Average target price 66,19 $
Spread / Average Target 45,5%
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Managers and Directors
Dara Khosrowshahi Chief Executive Officer & Director
Nelson J. Chai Chief Financial Officer
Ronald D. Sugar Chairman
Sukumar Rathnam Chief Technology Officer
Yasir bin Othman Al-Rumayyan Independent Director
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