Lotte Group affiliates Hotel Lotte and Busan Lotte Hotel agreed on 11 August to sell their combined 61.17% stake in Lotte Rental to TPG for ₩1.31tn, or ₩59,000 a share.
Why TPG (Lexicon Korea Holdco) is buying Lotte Rental Co., Ltd. (61.17% stake)
Lotte said it chose TPG after weighing value, deal structure, job security, speed of completion and funding capacity, and that the proceeds would improve the finances of Hotel Lotte and Busan Lotte Hotel and fund investment in their hotel businesses. TPG is investing through its Asia private equity platform.
Deal terms and financing
The buyer, Lexicon Korea Holdco, is acquiring 22,212,063 shares: 38.14% from Hotel Lotte and 23.03% from Busan Lotte Hotel. The price can be adjusted for specified events before closing, which falls 14 business days after conditions including antitrust clearance are met.
Regulatory approvals and timing
The Korea Fair Trade Commission approved the acquisition on 1 September. Lotte said it planned to close the deal within October after a shareholder meeting and other procedures.
Market context
Lotte had agreed in 2025 to sell Lotte Rental to Affinity Equity Partners, but the regulator blocked that deal in January 2026 because Affinity already controls SK Rent-a-Car, the second-largest operator.
