[Alpha Biz= Reporter Kim Sangjin] TPG, the second-largest shareholder in Kakao Mobility, is reportedly exploring the sale of its stake in the company. While Kakao Mobility has experienced growth, the slow pace of expansion in the Kakao Group, along with increasing regulatory scrutiny from the Fair Trade Commission and the Financial Supervisory Service, has heightened investment risks.
According to investment banking sources on December 2, TPG has been in discussions with multiple financial investors (FIs) and strategic investors (SIs) regarding the potential sale of its Kakao Mobility shares. However, an official sale process has not yet been initiated, although TPG has been gauging interest in a private transaction.
Kakao currently holds a 57.3% stake in Kakao Mobility, making it the largest shareholder. Other significant shareholders include TPG (14.31%), Carlyle (6.18%), and Korea Investment & Securities, along with Orix PE (5.35%).
Launched in 2017, Kakao Mobility has raised a total of 1.1 trillion won from external investors through 2021. TPG, the longest and largest investor, contributed approximately 640 billion won through two rounds of investment in 2017 and 2021, leading to its position as the second-largest shareholder.
The move by TPG is linked to concerns about Kakao Group's current challenges. Kakao Group, originally a messaging platform, has diversified into content, finance, and mobility sectors, positioning itself as the first IT company in South Korea to enter the top 10 of the business rankings (15th in 2024). However, recent setbacks have raised concerns about its future prospects.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
