South Korea's Lotte Group sells car rental unit to private equity TPG for $925 million
TPG•Lotte agrees to sell Lotte Rental stake to TPG
SEOUL, Aug. 11 (Reuters) - Two affiliates of South Korean conglomerate Lotte Group signed a deal to sell Lotte Rental (089860.KS), South Korea's largest car-rental firm, to U.S. private equity firm TPG, Lotte said on Tuesday.
The deal to sell a 61% stake in Lotte Rental is worth 1.31 trillion won ($924.88 million), Lotte Group said in a statement.
Proceeds to support liquidity and hotel expansion
TPG did not immediately comment.
The sale is expected to help Lotte Group, a retail, hospitality and chemicals conglomerate, secure liquidity to improve financial health and invest in expanding its core hotel business.
($1 = 1,416.4000 won)
