SK Telecom and Uber to form cab-hailing joint venture 

SK Telecom will split-off its mobility operation as a separate company called T Map Mobility, the carrier said on Friday.

The motion will be proposed in a shareholders’ meeting next month.

US car-hailing giant will invest US$50 million into T Map Mobility.

SK Telecom said it values T Map Mobility at 1 trillion won and will increase this to 4.5 trillion won by 2025.

The carrier is likely planning to list the subsidiary on KOSDAQ though it didn’t officially say so.

T Map Mobility will also form a subsidiary, which will be a joint venture with Uber. The US car-hailing company will inject US$100 million into the joint venture.

SK Telecom said the joint venture will launch a new innovative car-hailing service that will utilizes its T Map taxi drivers and Uber’s global operation experience.