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Uber plans to acquire the remaining 49% stake in TMAP Mobility, its South Korean partner, to gain full ownership of their joint venture, UT.
The joint venture currently operates with Uber holding a 51% majority stake.
The deal requires approval from TMAP Mobility’s shareholders at a meeting scheduled for early 2025.
Uber aims to bolster its investment in South Korea, highlighting UT’s 80% year-on-year user growth in the first half of 2024.
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