South Korea’s Lotte Group sells car rental unit to private equity TPG for $925 million

SEOUL, Aug 11 : Two affiliates of South Korean conglomerate Lotte Group signed a deal to sell Lotte Rental, South Korea’s largest car-rental firm, to U.S. private equity firm TPG, Lotte said on Tuesday. 

The deal to sell a 61 per cent stake in Lotte Rental is worth 1.31 trillion won ($924.88 million), Lotte Group said in a statement

TPG did not immediately comment. 

The sale is expected to help Lotte Group – a retail, hospitality and chemicals conglomerate – to secure liquidity to improve financial health and invest in expanding its core hotel business. 

($1 = 1,416.4000 won)