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Kakao Mobility was aiming to acquire FreeNow, but it seems the plan is not going as smoothly as expected. This is because the negotiations suddenly came to a halt when the South Korean firm initially thought the deal would be finalized before this year's end.
Moreover, Kakao Mobility's failure to close the deal this year shows that its "Beyond Korea" strategy is not going well. Its bid to buy the German mobility service provider is part of the company's aim to expand its business outside South Korea.
Buyout Talks at a Standstill
According to The Korea Economic Daily, Kakao Mobility launched a preliminary bid to acquire an 80% stake in FreeNow last month. The company is currently the largest mobility service provider in Europe, and the BMW Group and Mercedes-Benz Mobility are some of its major shareholders.
At that time, the ride-hailing service company was known to have offered KRW400 billion or about $310 million for the deal. However, after the investment committee of its parent company, Kakao Corporation, reviewed the proposal for stake acquisition in FreeNow, they opposed the bid, citing the high price tag.
Now, in the recent turn of events, Kakao Mobility has encountered another obstacle, and this situation could completely put an end to the deal as this has placed real uncertainty over the future of the negotiations. As of Dec. 27, it appears that finalizing the acquisition has become more difficult, and it was reported that the negotiations may take time to resume or not proceed at all.
Kakao's Global Expansion Push Sits on the Fence
The Korea Times reported that some market watchers said that Kakao Corporation's drive for overseas growth is faltering due to repeated failures of its subsidiaries like Kakao Mobility to complete acquisition deals with leading companies in Europe and the United States.
One of the biggest hurdles that is blocking the deals is the risk factors involving legal uncertainties over management. For instance, the company's senior executive, Bae Jae Hyun, is on trial for stock manipulation allegations, and Kakao's founder, Kim Beom Su, alongside former CEO Hong Eun Taek, is also facing prosecution.
Photo by: Kakao Mobility Newsroom
