S.Korean taxi app Kakao Mobility plans to buy Europe's FreeNow
Technology
S.Korean taxi app Kakao Mobility plans to buy Europe's FreeNow
SEOUL (Reuters) - 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 of its taxi app amid complaints about monopolistic practices.
