TPG to buy Lotte Rental in W1.3tr deal

Lotte signed an agreement to sell its controlling stake in Lotte Rental, the operator of the country's top car rental brand Lotte Rent-a-Car, at 1.31 trillion won ($926 million) to US-based private equity firm TPG, the group announced Tuesday. The deal covers the entire 61.2 percent stake held by Hotel Lotte and Busan Lotte Hotel — 38.1 percent and 23.0 percent, respectively — at 59,000 won per share. Lotte said it selected TPG as the final buyer based on enterprise value, deal structure, employ