[Edaily Reporter Yun Junghoon ]SKSQUARE(402340)is moving to restructure its portfolio around artificial intelligence (AI) and semiconductors as it pursues the sale of a controlling stake in T Map Mobility, South Korea’s leading navigation platform. Following the successive divestitures of non-core information and communications technology (ICT) subsidiaries such as SK Shields, 11st, and One Store, the company has now added T Map Mobility to its list of assets up for sale.

According to sources in the ICT and investment banking (IB) industries on the 29th, SKSQUARE is in negotiations with global investment bank Goldman Sachs regarding the sale of a controlling stake in Tmap Mobility. Goldman Sachs is pursuing a plan to secure a controlling stake, including the 63.23% stake held by SKSQUARE and shares held by major financial investors (FIs). The acquisition price is reportedly in the range of 700 billion to 800 billion won.

It is understood that SKSQUARE is considering retaining a partial stake in T-Map Mobility even after transferring controlling interest. While a residual stake of around 10% has been mentioned, the specific size or transaction structure has not yet been finalized.

Since its launch in 2021 as a spin-off from SKTelecom, SKSQUARE has operated various ICT platform businesses; however, it has recently been focusing its investment capabilities on the semiconductor and AI sectors, centered on SK hynix.

In fact, following the 2023 sale of controlling interest in the security firm SK Shields to the global private equity firm EQT Partners, SKSQUARE has divested its stakes in the biotech company NanoenTek,Inc. and Dreamus Company, the operator of the music platform FLO.

This year, it transferred the e-commerce firm 11st to SK Planet and sold its stake in the digital advertising firm Incross Co.,Ltd. to SKNetworksCo.,Ltd. It is also moving to divest non-core platform businesses by pursuing the sale of OneStore, an app marketplace operator.

These moves align with a strategy to redefine SKSQUARE’s identity as an investment firm with a focus on semiconductors. With SK hynix’s enterprise value surging, the plan is to recover capital tied up in non-core ICT assets and use it for new investments in the semiconductor value chain and the AI sector.

However, unlike other non-core subsidiaries, the likelihood is growing that SK Square will not dispose of its entire stake in T Map Mobility. This is based on the assessment that the mobility and transportation data held by T Map, along with its AI-based services, have the potential to create synergies with SK Group’s future AI business.

Goldman Sachs is reported to have highly evaluated Tmap Mobility’s business competitiveness and its potential for future enterprise value growth. Previously, Goldman Sachs invested in “GO (GO Taxi),” Japan’s largest taxi-hailing platform. Goldman Sachs invested 10 billion yen in GO in 2023 and also participated in its initial public offering (IPO) on the Tokyo Stock Exchange this past June.

It has also been seeking investment opportunities in the domestic mobility market. Last year, it formed a consortium with private equity firm VIG Partners and the United Arab Emirates (UAE) sovereign wealth fund Mubadala to pursue the acquisition of a stake in Kakao Mobility.

An SKSQUARE official stated, “We are reviewing various options for Tmap Mobility’s future growth and will make an announcement as soon as specific details are finalized.”