{
  "id": 17059692,
  "title": "Goldman Sachs Seeks Buyout of Korea’s No. 1 Navigation Service Company",
  "url": "https://urgent.news/2026/10/29/goldman-sachs-seeks-buyout-of-koreas-no-1-navigation-service-company",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-29T12:34:51.000Z",
  "source": {
    "name": "BusinessKorea",
    "slug": "businesskorea",
    "url": "https://www.businesskorea.co.kr/news/articleView.html?idxno=280014"
  },
  "original_language": "en",
  "account": "Global investment bank Goldman Sachs is pursuing a buyout to gain management control of TMAP Mobility, the operator of South Korea's top navigation service, TMAP. This acquisition would encompass not only SK Square's 63.23% stake in TMAP Mobility but also existing investors, though ongoing negotiations with current shareholders are still pending. According to industry reports on October 29, Goldman Sachs is engaged in talks with SK Square to finalize the deal within the current year.\n\nThe objective is for Goldman Sachs to acquire shares, including those owned by SK Square (63.23%), major financial investors like Ascenta Mobility Investment SPC (9.83%), Terameter Holdings (Affirma Capital, 9.83%), and Kookmin Bank (6.39%), ultimately aiming for a 60%-70% stake in TMAP Mobility. The investment is anticipated to be valued between 700 billion won ($520 million) and 800 billion won ($600 million). An insider familiar with SK Square stated that SK Square has decided to sell management control, retaining a portion of its stake and collaborating with TMAP Mobility, but the specific exit for existing investors remains undecided.\n\nIn 2021, investors in TMAP Mobility made a 400 billion won investment under the assumption of an IPO. Due to shareholder consultations, the initial listing was intended for 2025 but has been postponed to 2027. With a listing now appearing unlikely, SK Square has considered selling management control to Goldman Sachs. Investors are more inclined to exercise a put option against SK Square rather than selling shares to Goldman Sachs, as the put option price is perceived to be higher than Goldman Sachs' proposed valuation. Consequently, the sale will likely proceed smoothly only if Goldman Sachs negotiates a share sale price above the put option exercise price.\n\nThis marks the second time that SK Square's largest shareholder changes hands. Established in 2002 as a navigation service called Nate Drive, SK Telecom spun off its mobility business division to form TMAP Mobility in December 2020. Following this, TMAP Mobility was incorporated as a subsidiary of SK Square, which was established via a horizontal demerger from SK Telecom. An SK Square official revealed that they are currently evaluating various strategies for TMAP Mobility's future growth and will provide further details once specific matters are confirmed.",
  "summary": "Global investment bank Goldman Sachs is moving to acquire management control in TMAP Mobility, the operator of South Korea’s No. 1 navigation service TMAP, in a buyout. The structure would involve acquiring not only SK Square’s stake in TMAP Mobility, which stands at 63.23%, but also the holdings of",
  "key_points": [
    "Goldman Sachs aims to acquire management control of TMAP Mobility.",
    "Deal includes SK Square's 63.23% stake and other investors' shares.",
    "Valuation expected between 700 billion won and 800 billion won."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}