TMAP Mobility to acquire Two airport bus operators for KRW 200bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $138m
- Stake
- —
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- Two airport bus operators · Airport bus transport
- Buyer
- TMAP Mobility · SI
- Seller
- —
- Structure
- —
- Announced
- Mar 31, 2022
- Closed
- —
- Stage
- Announced
Target
Seoul Airport Limousine (100%) and Airport Limousine (40%), operators of limousine bus services between Seoul and Incheon/Gimpo airports. Airport Limousine posted 2024 revenue of KRW 90.8bn and operating profit of KRW 12.5bn (Dealsite).
Deal rationale
Per Dealsite, TMAP Mobility bought 100% of Seoul Airport Limousine (KRW 65bn) and 40% of Airport Limousine (KRW 53.1bn) in 2022 to expand its mobility business. Sidae described airport buses as a core pillar of a comprehensive mobility platform starting from the airport. In 2024-2025 TMAP moved to divest both to cut offline exposure and focus on AI-based mobility, reportedly signing an SPA to sell Seoul Airport Limousine to STIC Investments for around KRW 60bn.
Press coverage
- 조선비즈 (2022-03-31): “티맵모빌리티, 공항버스업체 2곳 2000억원에 인수”
- 한국벤처캐피탈협회 M&A 뉴스레터 (2022-04): “티맵모빌리티, 공항버스업체 2곳 2000억원에 인수”
- 시대일보 (2024-06-28): “공항부터 이어지는 종합 모빌리티 플랫폼으로서의 핵심 축”
- 딜사이트 (2025-04-29): “티맵은 지난 2022년 모빌리티 사업 확장을 위해 1131억원을 들여 서울공항리무진 지분 100%(650억원)와 공항리무진 지분 40%(531억원)을 인수했다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.