S Korean taxi app Kakao Mobility plans to buy Europe’s FreeNow – media report

SEOUL : Kakao Mobility, a South Korean taxi-hailing service provider, plans to acquire European taxi platform FreeNow, Maeil Business Newspaper reported on Wednesday.

Kakao Mobility will make a proposal as early as next week to acquire about an 80 per cent stake in the Germany-based mobility service provider, the newspaper reported, citing an unidentified source.

Responding to a Reuters request for comment, Kakao Mobility said it did not have anything to say on the matter.

Kakao Mobility, a subsidiary of South Korean tech giant Kakao, has a market share of more than 90 per cent of the country’s taxi-hailing market. It is facing growing regulatory scrutiny after the president urged a review into its taxi app amid complaints about monopolistic practices.