Affinity Equity set to close $1.1 bn purchase of Lotte Rental

Quick Summary:

Affinity Equity Partners said on Friday that it will sign a definitive agreement on March 11 with Lotte Group to acquire a 56.2% stake in South Korea’s No.1 car rental and leasing company Lotte Rental Co.for 1.57 trillion won ($1.1 billion).

The acquisition price includes 211.9 billion won Affinity is set to inject to purchase new shares to be issued by Lotte Rental, to shore up the latter's financial strength.

Affinity said it will manage Lotte Rental as a separate entity from SK Rent-a-Car Co., the country’s No.2 car leasing company.

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Article Details

Category: Economy

Markets: South Korea

Topics: Equity Affinity Friday Lotte Purchase Rental Shares Hotel Company Acquire Leasing

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-28 @ 20:04:56 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 165 words

Reading Time: 1 minutes read

Sentences: 15 lines

Sentence Length: 11 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 26510335

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