Goldman Sachs eyes Tmap Mobility acquisition by year-end

Goldman Sachs is pursuing an acquisition of Tmap Mobility, the operator of Korea's premier navigation application, from SK Square by the end of the year, according to industry sources. The investment bank views the deal as a strategic opportunity, given Tmap's undervaluation and extensive mobility data, as autonomous driving technology progresses.

This move by Goldman Sachs aligns with SK Square's broader strategy to prioritize artificial intelligence and semiconductors. The global investment bank aims to acquire a controlling stake of 60 to 70 percent in Tmap Mobility, committing funds between 600 billion won ($450 million) and 800 billion won. Current Tmap Mobility shareholders include SK Square, which holds a 63.23 percent stake, Affirma Capital with 9.83 percent, EastBridge Partners with 9.83 percent, and KB Kookmin Bank with 6.39 percent.

Goldman Sachs is in discussions to purchase shares from SK Square and other financial investors to secure its targeted stake. Tmap Mobility's origins trace back to a navigation service launched by SK Telecom in 2002, following a spin-off of the company's mobility business in December 2020.