SK Inc. Sells Stake in Turo; to Invest in Korean and SE Asian Mobility Markets

SK Inc., the strategic investment holding company of South Korea's SK Group, has agreed to sell its entire stake in Turo, a peer-to-peer (P2P) vehicle car-sharing company, for USD 67.5 million. The transaction is expected to be completed in the first half of this year with SK Inc. selling its stake in Turo to existing shareholder G Squared.

Launched in 2009 and headquartered in San Francisco, US, Turo operates a car sharing marketplace that connects hosts and guests and is designed to enable guests to book vehicles.

SK Inc. says it plans to bolster its investments in car-sharing, EV charging platforms and self-driving solutions in Korea and Southeast Asia.

In particular, the company plans to promote SOCAR Malaysia, of which SK Inc. is the largest shareholder, as Southeast Asia premier mobility platform.

SK Inc. entered the Southeast Asian mobility market in 2017 by forging a joint venture with Korea's SOCAR in Malaysia.

Larry Aschebrook, Founder & Managing Partner of G Squared, says: "We are pleased to collaborate with SK Inc., strengthening our relationship and providing liquidity to a fellow long-standing Turo shareholder. With the purchase of these shares, G Squared will become the second-largest shareholder in Turo, reaffirming our commitment to this promising peer-to-peer car-sharing marketplace."

"Over the past few years, SK Inc. has integrated the business know-hows acquired from the advanced mobility markets in the U.S. and South Korea to SOCAR Malaysia, a subsidiary of SK Inc., and built it into the No. 1 company in Malaysia within two years of launching the service," comments Kyungsang Yu, the Head of Digital Investment Center at SK Inc. "By focusing on the Southeast Asian mobility market, which is expected to grow rapidly in the coming years, SK Inc. will build a leading car-sharing company in Southeast Asia while reinforcing the virtuous cycle of reinvesting our funds into new mobility businesses."

Established in 2007, SK Inc. is the investment holding company of SK Group, South Korea's second largest conglomerate by asset size.