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Biz News Korea(Eng)
SK Group pulls out of used car market to focus on more car-sharing
- Collected
- 2017.11.21
- Distributed
- 2017.11.22
- Source
- Go Direct
SK Corporation, the holding company of SK Group, signed an agreement to sell its 50.01 percent stake in SK Encar.com, an online used car company, to Australia-based Carsales Holdings for 205 billion won ($186.7 million), the group said in a statement on Monday.
Carsales Holdings already acquired 49.9 percent of the company in April 2014. Through the latest deal, Carsales will control 100 percent stake in the joint venture.
Last month, SK Group closed a deal to sell its offline SK Encar business to Korean private equity investment firm Hahn & Co. Both agreed not to disclose the value of their deal but market watchers estimate it is worth about 200 billion won.
The pull-out decision reflects a negative outlook for the local used car market where a tougher anti-trust policy limits a large player’s market share to 3 percent. SK said the used car business is no longer in line with its business direction as it is now focused on car sharing based on self-driving technology. The proceeds from the sale will be reallocated to future business initiatives, the company added.
Since 2015, SK has invested in car-sharing services such as Socar in Korea, Turo in the U.S. and Korean carpool app Poolus.
By Kang Doo-soon and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]