Goldman Sachs eyes Tmap Mobility acquisition by year-end

Goldman Sachs is in talks to acquire a majority stake in Tmap Mobility, a leading navigation app in South Korea, from SK Square by the end of 2022. The investment bank sees potential in Tmap’s lower valuation and extensive mobility data as autonomous driving technology progresses, according to industry sources. SK Square, the investment arm of the SK Group conglomerate and the largest shareholder in SK hynix, sees the sale as part of its strategy to concentrate on artificial intelligence (AI) and semiconductors.

Goldman Sachs plans to invest between 600 and 800 billion won ($450 million to $600 million) to gain a 60 to 70 percent stake in Tmap Mobility. The global investment bank is currently negotiating to purchase shares from SK Square, which owns 63.23 percent of the company, as well as other financial investors, including Affirma Capital and EastBridge Partners, who each hold 9.83 percent, and KB Kookmin Bank, which holds 6.39 percent.

Tmap Mobility originated from a navigation service launched by SK Telecom in 2002, and the telecom company spun off its mobility business into a separate entity in December 2020.