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S.Korean taxi app Kakao Mobility plans to buy Europe's FreeNow

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

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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. 




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