TPG-led group to invest $437 mln in S.Korean Kakao's taxi-hailing unit

SEOUL, June 30 (Reuters) - South Korea's largest chat app service provider Kakao Corp and TPG said on Friday a consortium led by the private equity firm agreed to invest 500 billion won ($436.88 million) in Kakao's new taxi-hailing service unit.

The newly spun-off unit, to be called Kakao Mobility, will provide Kakao's existing taxi-hailing, designated driver and navigation services as well as introduce new services such as parking, the firms said in a joint statement. ($1 = 1,144.4700 won) (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)