[Asia Economy Reporter Kang Nahum] The Kakao labor union is strongly opposing Kakao Mobility's push for a private equity fund sale. The union claims that confusion among employees continues due to the sale rumors and demands that the management directly clarify the situation, but the management remains silent.
According to industry sources on the 27th, the Kakao branch of the National Chemical, Textile, and Food Industry Labor Union began a signature campaign urging a "Declaration to Oppose the Sale of Kakao Mobility to a Private Equity Fund and to Fulfill Social Responsibility," targeting about 15,000 employees across all Kakao affiliates. Previously, Kakao had been negotiating the sale of Kakao Mobility with MBK Partners, the largest private equity fund operator in Korea, but the negotiations reportedly broke down due to significant differences in the perceived corporate value between the two parties.
The union's collective action stems from the judgment that the discussions about selling Kakao Mobility were conducted solely for the benefit of the management. In particular, there are concerns about damage to the brand and shareholder value because the prospective buyer is a private equity fund.
Seongwook Seo, head of the union branch, pointed out, "The management's declaration last September promising social responsibility faded before the ink even dried due to the private equity fund sale," adding, "We are worried about how to explain this sale to shareholders who invested based on the future value of Kakao's mobility platform."
Amid strong employee backlash, Kakao's management has yet to make any significant statements since the sale rumors surfaced. At the 'Digital Platform Industry Meeting' held at the Korea Chamber of Commerce and Industry on the 22nd, Kakao CEO Namgoong Hoon was asked by reporters about the Kakao Mobility sale issue but avoided answering, saying, "We must not let the story be misunderstood."
The union stated, "Kakao's management is consistently feigning ignorance regarding the specific details of the sale, which is causing outrage among employees," and added, "Mobility employees generally feel that the management's explanations are insufficient, and the opaque progress of the sale is making it difficult for them to focus on their work."
The union has requested meetings with Kakao founder Kim Beom-su and CEO Namgoong, but it is uncertain whether the management will accept. The union plans to collect signatures and opinions from affiliate employees and deliver them to founder Kim and CEO Namgoong, and on the 28th, they will hold a press conference to announce the union's position on the Kakao Mobility sale and future activity plans.
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