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HomeBusinessS.Korean Taxi App Kakao Mobility Plans to Buy Europe's FreeNow

S.Korean Taxi App Kakao Mobility Plans to Buy Europe’s FreeNow

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Kakao Mobility, a South Korean taxi-hailing service provider, plans to acquire European taxi platform FreeNow, Maeil Business Newspaper reported on Wednesday.

Kakao Mobility will make a proposal as early as next week to acquire about an 80% stake in the Germany-based mobility service provider, the newspaper reported, citing an unidentified source.

Responding to a Reuters request for comment, Kakao Mobility said it did not have anything to say on the matter.

Kakao Mobility, a subsidiary of South Korean tech giant Kakao (035720.KS), has a market share of more than 90% of the country’s taxi-hailing market. It is facing growing regulatory scrutiny after the president urged a review into its taxi app amid complaints about monopolistic practices.

Source : Reuters

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