Kakao Mobility Pursues Acquisition of European Taxi Platform 'Free Now'
Kakao Mobility is pushing forward with the acquisition of 'Free Now,' the number one taxi platform in Europe. The company is accelerating its efforts to expand into the global market beyond domestic sales.
According to industry sources on the 15th, Kakao Mobility recently submitted a preliminary bid proposal for the acquisition of Free Now.
Free Now is the largest mobility platform company in Europe, operating in over 170 cities across 11 countries including Germany, the United Kingdom, and Spain. Mercedes-Benz and BMW each hold a 50% stake in the company.
Kakao Mobility acquired the UK-based mobility brokerage platform Split earlier in March.
Amid controversy over taxi service commissions in the domestic market, the company appears to be seeking transformation into a global enterprise by leveraging the European market as a foothold.
Kakao Mobility stated that it is "difficult to confirm" regarding this merger and acquisition matter.
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If the acquisition is completed, the transaction amount is expected to reach several hundred billion won. It is likely to be the largest-scale acquisition of a European IT company by a Korean firm in history.
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