Business · Companies · 2 hrs ago
TPG plans legal action against Kakao over Kakao Mobility ADR listing
TPG plans legal action against Kakao in South Korea and overseas over a proposed US listing of Kakao Mobility shares.
TPG, a US private equity firm, says Kakao’s opposition may breach a shareholder agreement that reportedly requires Kakao’s consent for a listing.
Kakao’s board rejected the listing plan on September 2, after TPG shifted to the American Depositary Receipt (ADR) route when efforts to sell its stake faced difficulties.
An ADR listing represents shares in a company for trading in the United States.
The proposed listing would use existing shares, not issue new ones, so industry observers say it would not dilute Kakao shareholders’ stakes.
The dispute will test the shareholder agreement and could add uncertainty around the companies’ governance and investment outlook.
TPG plans to seek arbitration at the Hong Kong International Arbitration Centre and pursue a case in South Korea; the legal dispute will now move forward.
TPG plans legal action against Kakao in South Korea and overseas over Kakao Mobility’s proposed US ADR listing.
TPG says Kakao’s opposition to the listing may breach a shareholder agreement.
Kakao’s board voted against the listing on September 2, according to Maeil Business.
TPG is preparing to seek arbitration at the Hong Kong International Arbitration Centre and pursue a domestic lawsuit.
The proposed ADR listing would involve existing shares, not new shares, and would apply only to TPG’s stake.
- Who
- US private equity firm TPG plans to take legal action against Kakao.
- What
- The dispute concerns whether Kakao breached a shareholder agreement by opposing a proposed Kakao Mobility ADR listing.
- When
- TPG’s plans were reported on October 30; the article was published on October 31, 2026.
- Where
- The legal action is planned in South Korea and overseas, including arbitration at the Hong Kong International Arbitration Centre.
- Why
- TPG says Kakao’s opposition may violate a contract provision requiring Kakao’s consent to a listing.
TPG
Kakao
Contract
TPG
TPG says Kakao’s opposition to the ADR listing may breach the shareholder agreement.
Kakao
Kakao’s position on the alleged contract breach is not stated.
Listing
TPG
TPG has pursued an ADR listing of Kakao Mobility.
Kakao
Kakao’s board voted against the listing.
TPG shifted toward an ADR listing after attempts to sell its stake faced difficulties.
Kakao’s board voted against the proposed listing.
TPG sent Kakao a letter saying the opposition could violate the shareholder agreement.
TPG’s plans to pursue legal action in South Korea and overseas were reported.
- Parties
- TPG and Kakao
- Company at issue
- Kakao Mobility
- Proposed listing
- US ADR listing
- Arbitration venue
- Hong Kong International Arbitration Centre
- Listing structure
- Existing shares, with no new shares
- Planning report
- October 30, 2026