Uber Technologies Inc. plans to invest $150 million into a joint venture with SK Telecom Co. in South Korea, in a move to expand its service and cast off competitive and regulatory pressures in the country.
SK Telecom plans to split off its maps and ride-hailing unit T Map Mobility on Dec. 29, creating a service with more than 200,000 drivers and 750,000 taxi users per month. It will then form a separate car-hailing joint venture with Uber, which will invest $100 million for a 51% stake. Uber will also invest $50 million in T Map Mobility itself. The two companies expect to begin operations in the first half of next year.