TPG (Lexicon Korea Holdco) to acquire 61.17% of Lotte Rental for KRW 1.31tn

FI Consumer & Retail Car rental

Deal value: $904m
Stake: 61.17%
Implied 100%: $1.5bn
Revenue: $2.0bn
Op. income: $216m
Multiples: EQV/EBIT 6.9xPSR 0.7x

DART 20260316000884

Target: Lotte Rental · Car rental
Buyer: TPG (Lexicon Korea Holdco) · FI
Seller: Hotel Lotte / Busan Lotte Hotel
Structure: —
Announced: Aug 11, 2026
Closed: —
Stage: Signed

Target

Lotte Rental is reported as Korea's No. 1 car-rental operator, running long- and short-term vehicle rental, used-car sales and mobility services; 2025 consolidated revenue was KRW 2.9188tn (+4.5%) with operating profit of KRW 312.5bn (+9.7%).

Deal rationale

Hotel Lotte (38.1%) and Busan Lotte Hotel (23.0%) signed an SPA on 11 August 2026 to sell their entire 61.2% to TPG (Lexicon Korea Holdco) at KRW 59,000 per share, KRW 1.3105tn in total. Lotte had agreed in March 2025 to sell 56.2% to Affinity for KRW 1.5728tn (KRW 77,115/share), but the FTC blocked that combination in January 2026 because Affinity owns SK Rent-a-Car and the contract was terminated in May; Lotte said it then chose TPG after weighing enterprise value, structure, job guarantees, closing speed and financing capacity. Proceeds will strengthen the two hotel entities' finances and fund hotel expansion; TPG said it would 'further solidify the leading position in the domestic market' drawing on its global mobility investments such as Uber. The FTC approved the deal on 1 September 2026.

구조조정·재무개선사업 재편·비핵심 매각

Revenue	$2.0bn
Operating income	$216m
EBITDA	—
Net income	—

2025 연결 · DART-verified · 20260316000884

Press coverage

조세금융신문 (2026-08-11): “매매대금은 주당 5만9000원씩 총 1조3105억원 규모다.”
머니투데이 (2026-08-13): “지분 61.2% 전량이다.”
CEO스코어데일리 (2026-08-11): “이날 이사회를 열고 TPG에 롯데렌탈 지분을 매각하기 위한 주식매매계약(SPA) 체결을 승인할 예정이다.”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.