Kakao is pushing to sell its subsidiary Kakao VX, which operates in the golf business.
According to the business report for 2024 released by Kakao, the company has established a plan to sell Kakao VX and its subsidiaries and intends to proceed with the relevant procedures within this year. Kakao noted, "The plan for the sale of Kakao VX will be established by December 2024 and implemented in 2025." In addition, it stated that the company is in the process of obtaining the consent of minority shareholders of Kakao VX for the completion of the sale.
Kakao VX had been engaged in golf-related businesses such as screen golf, a golf reservation platform, and management contracts for golf courses, but rumors of a sale arose due to efficiency issues. Since last year, Kakao has decided to withdraw from non-core businesses, including its golf equipment and healthcare platform businesses, and the likelihood of a sale has increased amid reports of voluntary retirement and private equity sales.
Kakao is focusing on its core services, KakaoTalk and artificial intelligence (AI), while reorganizing its non-core businesses. As of May 2023, the number of affiliates decreased from 147 to 116.