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Uber to invest over $150 mln in partnership with S.Korea SK Telecom's mobility business

Credit: REUTERS/BRENDAN MCDERMID

Uber Technologies said on Friday that it will invest over $150 million into a joint venture and partnership with South Korea's SK Telecom Co Ltd.

SEOUL, Oct 16 (Reuters) - Uber Technologies UBER.N said on Friday that it will invest over $150 million into a joint venture and partnership with South Korea's SK Telecom Co Ltd 017670.KS.

The companies said in a joint statement that SK Telecom plans to split off its mobility business unit and launch T Map Mobility, Uber commits over $100 million in a joint venture with T Map Mobility, and Uber will also invest around $50 million in T Map Mobility.

(Reporting by Joyce Lee; Editing by Sandra Maler)

((jungyoon.lee@tr.com; +82 2 6936 1467;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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