South Korea’s dominant ride-hailing platform is once again attracting potential suitors after earlier buyout talks stalled. Investment banking sources indicate that a roughly 40% stake in Kakao Mobility Corp. has drawn interest from Hyundai Motor Group and Germany’s Delivery Hero SE.
The renewed sale process follows the collapse of negotiations with a VIG Partners-led consortium, which had included Abu Dhabi’s Mubadala Investment Co. and Goldman Sachs. That group valued Kakao Mobility at approximately ₩6 trillion ($4.1 billion) but failed to secure final agreements with existing shareholders, including private equity firms TPG and Carlyle Group.
Kakao Corp., the KakaoTalk messaging operator that holds 57% of the mobility unit, has faced sustained pressure to trim its sprawling portfolio. Critics have long accused the parent company of aggressive expansion that squeezed smaller competitors, and regulators fined Kakao Mobility ₩72.4 billion ($49 million) earlier this year for alleged anticompetitive practices.
The taxi-hailing app now commands over 90% of the Korean market following rival Tmap Mobility’s exit. The company returned to profitability in 2024, reporting operating income of ₩93 billion ($63 million), more than double the prior year.
For Hyundai, a deal could strengthen its mobility ecosystem. Delivery Hero, which previously owned food-delivery platform Yogiyo in Korea, might see synergies in logistics.
Whether either party will meet seller expectations remains unclear.
