Movement Alert|TPG, Inc. Rises 6.45% in Regular Trading, Aggressive Dealmaking Momentum Continues With $925 Million Lotte Rental Acquisition

Market Focus08-14 03:07

On August 13, TPG, Inc. rose 6.45% in regular trading, trading at $54.205/share, with turnover of $147 million.

On the news front, TPG agreed to acquire a 61.17% controlling stake in South Korean car rental company Lotte Rental for approximately 1.311 trillion Korean won ($925 million), purchasing about 22.2 million shares at 59,000 won per share from Hotel Lotte and Lotte Hotel Busan. The deal adds to a surge of capital deployment activity, including a $628 million acquisition of 53 industrial buildings with Redfearn Capital and TPG Mortgage Investment Trust's agreement to acquire Cherry Hill Mortgage.

The aggressive dealmaking follows a strong Q2 earnings report on August 4, where TPG posted adjusted EPS of $0.70 versus the $0.60 consensus estimate, with revenue of $628 million beating the $580 million forecast. Multiple analysts subsequently raised price targets, with UBS and RBC Capital both lifting targets to $65 while maintaining bullish ratings.

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