TPG to take Lotte Rental private via tender offer
U.S. private equity firm Texas Pacific Group (TPG) will acquire the remaining shares in South Korea's leading car rental company, Lotte Rental Co., through a tender offer by early next month, the company said Friday. TPG's wholly owned special purpose vehicle (SPV), Lexicon Korea Holdco Inc., plans to purchase 14 million shares, or a 38.83 percent stake, in Lotte Rental at 59,000 won ($43.50) per…
TPG, a U.S. private equity firm, is set to acquire the remaining shares in South Korea's leading car rental company, Lotte Rental Co., through a tender offer. The SPV Lexicon Korea Holdco Inc., owned wholly by TPG, plans to purchase 14 million shares, representing a 38.83 percent stake, at 59,000 won ($43.50) per share. The tender offer, valued at 831.7 billion won, will run from December 1st through the 3rd, with settlement to be made in cash on December 7th.
TPG aims to secure control of the target company, delist it from the Korean stock market, and make Lotte Rental a wholly owned subsidiary. TPG previously acquired a 61.2 percent stake in Lotte Rental last month for 1.31 trillion won from Lotte Group affiliates Hotel Lotte and Lotte Hotel Busan.
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- TPG to take Lotte Rental private via tender offer koreatimes.co.kr
- TPG to take Lotte Rental private via tender offer en.yna.co.kr
