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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] The rumor about the potential sale of Kakao Mobility's shares has resurfaced, escalating internal conflicts within the company.
On April 17, the Kakao branch of the Federation of Korean Trade Unions (FKTU) held a press conference in front of the Korea Development Bank (KDB) in Yeouido, Seoul. They expressed strong opposition to the sale of Kakao Mobility to a private equity firm (PEF) and the potential injection of public funds into the company.
Seungwook Seo, head of the Kakao union, stated, “Kakao T holds over 90% of the domestic taxi-hailing market, making it a national platform. If control shifts to a private equity firm, it may turn into a profit-driven model, sacrificing user benefits.” He further argued, “The potential for selling user data or breaking up the company could harm both consumers and workers,” urging the KDB to stop injecting public funds into the company.
According to Kakao Mobility's 2024 business report, the largest shareholder is Kakao (57.2%), with the second-largest shareholder being U.S. private equity firm TPG, through its subsidiary Kaki Holdings (14.29%). TPG, a financial investor, made two investments totaling around 640 billion KRW in 2017 and 2021, and is now seeking to sell its shares due to delays in Kakao Mobility’s IPO.
Kakao Mobility’s enterprise value is currently estimated at 6 trillion KRW, and the company turned a profit for the first time last year, posting revenue of 6.75 trillion KRW, operating profit of 930 billion KRW, and net profit of 289 billion KRW.
Domestic private equity firm VIG Partners is reportedly a candidate for acquiring TPG’s shares, with KDB and Shinhan Bank potentially involved in arranging the financing for the deal. If the IPO is delayed further, discussions are underway about a contract where Kakao would transfer some shares and management rights.
However, Kakao has firmly denied the rumors regarding the sale of shares or transfer of management rights. Kakao Mobility, being a key affiliate within the Kakao Group that generates significant revenue, has stated there is no reason to sell the company to a third party.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
