LG to acquire stake in Kakao Mobility for 100 billion won

LG Corporation said on Friday that it will acquire a stake in Kakoa Mobility for 100 billion won.

The holding company of the LG business group said it was looking for synergy between the mobility firm and its subsidiaries LG Energy Solution and LG Electronics.

LG Energy Solution will secure battery traveling data for batter-as-a-servces (BaaS), while LG Electronics will focus on electric car charging solutions, LG Corporation said.

Kakao Mobility offers its navigation app Kakao T for drivers. The company is planning to offer for electric cars in its services.

LG and Kakao Mobility will discuss collaboration at a regular basis and develop new business together, LG Corporation said.

They will combined LG’s competence in battery and autocomponent with Kakao Mobility’s platform, it added.