Kakao to split into two listed firms

Kakao said Friday it will split into two listed companies, Kakao AI and Kakao X, as the IT giant restructures its businesses around artificial intelligence. Kakao AI will house KakaoTalk, South Korea’s dominant mobile messenger, along with the company’s AI, advertising and commerce businesses. Kakao X will bring together fintech, content and mobility under an investment-focused structure. On Friday, the company’s board approved the demerger under which Kakao AI will be spun off as a new company