This article was published on Feb. 13, 2025, at 3:53 p.m. on the ChosunBiz MoneyMove site.
SK Square's subsidiary T Map Mobility is pushing to sell its corporate taxi service, "Good Service." Corporate taxi services are considered a business with stable growth and excellent cash generation capabilities. However, as T Map Mobility is restructuring its business around artificial intelligence (AI) technology, it is also on the sale list along with Seoul Airport Limousine and Airport Limousine.
On the 13th, according to the investment banking industry, T Map Mobility is accelerating the sale of its subsidiary Good Service. It has recently selected a buyer for exclusive negotiations and is reportedly adjusting detailed conditions. The total sale price has been agreed upon.
Earlier, T Map Mobility was reported to have withdrawn after negotiating transaction conditions with a domestic private equity fund management company. An industry source explained, "Currently, the buyer negotiating with T Map has offered a higher price than the previous negotiator, leading to a change in the transaction target." Both sides plan to finalize the transaction by concluding the stock purchase agreement (SPA) as early as March to April.
Established in 2009, Good Service is a corporate taxi service company. It provides driving services primarily for executives and individual business representatives. T Map Mobility entered the landline call market in 2021 by acquiring 100% equity in Good Service. In 2023, it achieved revenues of 24.5 billion won and an earnings before interest, taxes, depreciation, and amortization (EBITDA) of 1.4 billion won. Currently, it provides taxi services under contracts with over 1,000 corporations.
Good Service's main customer base comprises corporate executives. The industry anticipates steady demand growth for corporate taxi services in the future, as the number of executives at large companies is on the rise. Last year, the EBITDA margin was expected to be in the 20% range.
T Map Mobility's decision to sell the profitable corporate taxi business is to secure financial stability by divesting non-core assets. Since last year, SK Group has been restructuring its business as part of a large-scale rebalancing. Accordingly, T Map Mobility is also pursuing the sale of management rights for Seoul Airport Limousine and Airport Limousine in addition to Good Service. Among these, negotiations for the sale of Seoul Airport Limousine are underway with STIC Investments.