Korean media: TPG in talks to acquire Lotte Rental for over 1 trillion Korean won

According to the report from the Korea Economic Daily, private equity firm TPG is conducting exclusive due diligence and is planning to acquire the controlling stake of Lotte Rental from Lotte Group. If there are no major obstacles, both parties may sign a share purchase agreement at the end of July. Lotte Hotel and Busan Lotte Hotel collectively hold a 61.18% stake in Lotte Rental, which is up for sale as a whole. The estimated valuation of this transaction is in the range of 1.5 trillion Korean won.