TPG Reportedly Agrees to Acquire Majority Stake in Lotte Rental for $925 Million

MT Newswires Live08-11

TPG (TPG) has agreed to acquire a controlling stake in South Korean car rental company Lotte Rental for about 1.3 trillion South Korean won ($925 million), media outlets reported Tuesday.

Lotte said in a regulatory disclosure Tuesday that its largest shareholder Hotel Lotte and major shareholder Lotte Hotel Busan have entered into an agreement with Lexicon Korea to sell about 22.2 million shares, or 61.17% of Lotte Rental, for 1.311 trillion won, or 59,000 won per share.

Hotel Lotte will sell approximately 13.8 million shares, while Lotte Hotel Busan will sell approximately 8.4 million shares, according to the disclosure.

TPG did not immediately respond to requests for comment from MT Newswires.

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