Goldman Sachs eyes Tmap Mobility acquisition by year-end

Goldman Sachs is seeking to acquire a controlling stake in Tmap Mobility from SK Square by the end of this year, with the potential deal aimed at a company whose valuation has declined amid IPO delays and growing competition. The investment bank is considering spending 600 billion to 800 billion won for a 60 to 70 percent stake. Tmap Mobility has more than 15 million monthly active users and recorded its first annual net profit last year. SK Square is expected to retain about a 10 percent stake and continue collaborating with the company on AI and data services.

SK Square holds 63.23 percent of Tmap Mobility, while Affirma Capital and EastBridge Partners each hold 9.83 percent and KB Kookmin Bank owns 6.39 percent.

Tmap Mobility reported revenue of 283.5 billion won, an operating loss of 14.1 billion won and net profit of 25 billion won last year.

Tmap Mobility recorded its first monthly operating profit in June.

The navigation service began at SK Telecom in 2002, and the mobility business was spun off as a separate company in December 2020.

Goldman Sachs invested 10 billion yen in Japanese taxi-hailing platform GO in 2023 and joined a consortium that explored acquiring a stake in Kakao Mobility earlier this year, but those discussions did not produce a deal.

Published Oct 30, 2026 4:34 pm KST

US investment bank bets on Korea's mobility market as SK Square sharpens semiconductor focus

The Goldman Sachs logo appears in this illustration taken Dec. 1, 2025. Reuters-Yonhap

Goldman Sachs is seeking to acquire a controlling stake in Tmap Mobility, operator of Korea’s leading navigation app, from SK Square by the end of this year, seeing an investment opportunity in its lower valuation and vast trove of mobility data as autonomous driving advances, industry sources said Friday.

For SK Square, SK Group’s investment arm and the largest shareholder of SK hynix, the sale is part of a broader strategy to focus on artificial intelligence (AI) and semiconductors.

The global investment bank is looking to invest between 600 billion won ($450 million) and 800 billion won to secure a 60 to 70 percent stake in Tmap Mobility. It is in talks to buy shares from SK Square, the largest shareholder with a 63.23 percent stake, as well as other financial investors, including Affirma Capital and EastBridge Partners, which each hold 9.83 percent, and KB Kookmin Bank, which owns 6.39 percent.

Tmap Mobility traces its roots to a navigation service launched by SK Telecom in 2002. The telecom operator spun off its mobility business into a separate company in December 2020, and Tmap Mobility became a subsidiary of SK Square the following year. Its navigation app now has more than 15 million monthly active users, while the company’s offerings extend beyond smartphone navigation to AI-powered mobility solutions.

Its navigation system is also integrated into vehicles from most major imported automakers in Korea, including Mercedes-Benz, BMW, Volvo and Tesla.

Industry officials said Goldman Sachs appears to be betting on Tmap's extensive driving and location data accumulated over more than two decades. The data could become valuable as the mobility industry embraces AI and moves closer to autonomous driving.

The data generated by the mobility platform's user base could help develop new AI-powered services and autonomous driving technologies.

The U.S. investment bank appears to see value in Tmap's future growth prospects.

Tmap Mobility recorded revenue of 283.5 billion won and an operating loss of 14.1 billion won last year, but posted its first annual net profit of 25 billion won. It also recorded its first monthly operating profit in June.

The headquarters of SK Square in central Seoul / Courtesy of SK Square

These developments come amid Goldman Sachs' growing interest in Asia's mobility sector.

In 2023, it invested 10 billion yen in GO, Japan's leading taxi-hailing platform. Earlier this year, Goldman also joined a VIG Partners-led consortium that explored acquiring a stake in Kakao Mobility, the operator of Korea's largest ride-hailing platform. The discussions, however, did not lead to a deal.

"Goldman Sachs' interest in Asia's mobility market has grown rapidly, drawing on its expertise in IT and AI. An acquisition could give Tmap Mobility greater opportunities to develop new businesses and expand into overseas markets," an investment banking industry official said.

In addition, Tmap Mobility’s valuation has declined from previous levels amid delays to its initial public offering and growing competition, making it a more attractive investment target for Goldman Sachs.

Goldman Sachs declined to comment.

SK Square, meanwhile, is expected to retain around a 10 percent stake in Tmap Mobility after the deal, remaining its second-largest shareholder and continuing to collaborate on AI and data services.

"We are reviewing various options for Tmap Mobility's future growth and will provide details once they are finalized," an SK Square official said.

The potential deal is also drawing attention from the investment banking industry, as it would mark Goldman Sachs' return to Korea's buyout market after nearly a decade.

The bank's last major buyout in Korea was in 2016, when it acquired cosmetics maker Carver Korea alongside Bain Capital and kitchenware company Happycall with EastBridge Partners. It has since focused largely on minority investments, as it reorganized its private equity business and renewed its push into the Asia-Pacific market.

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高盛计划在今年年底前从SK Square手中收购Tmap Mobility的控股权。由于IPO延期和日益激烈的市场竞争，Tmap Mobility的估值有所下降，此次潜在交易正是针对该公司。这家投资银行正考虑斥资6000亿至8000亿韩元收购60%至70%的股份。Tmap Mobility拥有超过1500万月活跃用户，并于去年实现了首次年度净利润。预计SK Square将保留约10%的股份，并继续与该公司在人工智能和数据服务方面开展合作。

SK Square 持有 Tmap Mobility 63.23% 的股份，Affirma Capital 和 EastBridge Partners 各持有 9.83% 的股份，KB 国民银行持有 6.39% 的股份。

Tmap Mobility去年营收为2835亿韩元，营业亏损141亿韩元，净利润250亿韩元。

Tmap Mobility在6月份实现了首次月度营业利润。

SK Telecom 于 2002 年推出了导航服务，其移动业务于 2020 年 12 月分拆为一家独立公司。

2023年，高盛向日本打车平台GO投资了100亿日元，并在今年早些时候加入了一个探索收购Kakao Mobility股份的财团，但这些讨论最终没有达成协议。

发布于2026年10月30日下午4:34（韩国标准时间）

美国投资银行押注韩国移动出行市场，SK Square 加大半导体业务投入

这张摄于2025年12月1日的插图中出现了高盛的标志。（路透社-韩联社）

据业内人士周五透露，高盛计划在今年年底前从 SK Square 手中收购韩国领先导航应用运营商 Tmap Mobility 的控股权，因为随着自动驾驶技术的进步，该公司估值较低且拥有大量出行数据，高盛看到了投资机会。

对于 SK 集团的投资部门 SK Square（也是 SK 海力士的最大股东）而言，此次出售是其专注于人工智能 (AI) 和半导体的更广泛战略的一部分。

这家全球投资银行计划投资6000亿韩元（约合4.5亿美元）至8000亿韩元，以获得Tmap Mobility 60%至70%的股份。该行正在与SK Square（持股63.23%）以及其他金融投资者洽谈收购股份，其中包括Affirma Capital和EastBridge Partners（各持股9.83%），以及KB国民银行（持股6.39%）。

Tmap Mobility 的前身是 SK Telecom 于 2002 年推出的导航服务。这家电信运营商于 2020 年 12 月将其移动出行业务分拆成一家独立公司，Tmap Mobility 于次年成为 SK Square 的子公司。其导航应用目前拥有超过 1500 万月活跃用户，而该公司提供的服务也已从智能手机导航扩展到人工智能驱动的移动出行解决方案。

其导航系统也被集成到韩国大多数主要进口汽车制造商的车辆中，包括梅赛德斯-奔驰、宝马、沃尔沃和特斯拉。

业内人士表示，高盛似乎看好Tmap二十多年来积累的大量驾驶和位置数据。随着出行行业拥抱人工智能并迈向自动驾驶，这些数据可能变得极具价值。

出行平台用户群产生的数据可以帮助开发新的人工智能服务和自动驾驶技术。

这家美国投资银行似乎看好Tmap未来的增长前景。

Tmap Mobility去年营收为2835亿韩元，营业亏损141亿韩元，但今年实现了250亿韩元的年度净利润，这是该公司成立以来的首次年度盈利。该公司今年6月也实现了首次月度营业盈利。

位于首尔市中心的SK Square总部 / 图片由SK Square提供

这些进展正值高盛对亚洲出行领域兴趣日益浓厚之际。

2023年，高盛向日本领先的打车平台GO投资了100亿日元。今年早些时候，高盛还加入了一个由VIG Partners牵头的财团，该财团曾探讨收购韩国最大网约车平台运营商Kakao Mobility的股份。然而，最终双方未能达成交易。

一位投资银行界人士表示：“高盛对亚洲出行市场的兴趣迅速增长，这得益于其在信息技术和人工智能领域的专业知识。此次收购将为Tmap Mobility带来更多发展新业务和拓展海外市场的机会。”

此外，由于首次公开募股延迟以及竞争加剧，Tmap Mobility 的估值已从之前的水平下降，这使其成为高盛更具吸引力的投资目标。

高盛拒绝置评。

与此同时，SK Square 预计将在交易完成后保留 Tmap Mobility 约 10% 的股份，继续担任其第二大股东，并继续在人工智能和数据服务方面开展合作。

SK Square的一位官员表示：“我们正在研究Tmap Mobility未来发展的各种方案，一旦最终确定，我们将提供详细信息。”

这笔潜在交易也引起了投资银行业关注，因为它将标志着高盛在阔别韩国收购市场近十年后重返该市场。

该银行上一次在韩国进行重大收购是在2016年，当时它与贝恩资本共同收购了化妆品制造商Carver Korea，并与EastBridge Partners共同收购了厨具公司Happycall。此后，该银行主要专注于少数股权投资，因为它重组了私募股权业务，并重新加大了对亚太市场的投入。

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