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Lotte Rent-a-Car Seoul Station Branch (Photo = Lotte Rental) |
[Alpha Biz= Paul Lee] Affinity Equity Partners, a global private equity firm, has completed the acquisition of Lotte Rental.
On Wednesday, Lotte Rental announced that its largest shareholders, Hotel Lotte and Busan Lotte Hotel, signed a stock purchase agreement (SPA) with Affinity, agreeing to sell 56.2% of Lotte Rental's shares for 1.5729 trillion KRW (at 77,115 KRW per share).
Affinity also entered into a subscription agreement (SSA) for a capital increase with Lotte Rental. The company will conduct a third-party allocation of new shares, issuing a total of 211.9 billion KRW in new shares. This includes 7.26 million common shares, with an issue price of 29,180 KRW per share.
The funds raised from the issuance of new shares will be used for expanding Lotte Rental's used car business (B2C) and repaying corporate bonds early due to the change in major shareholders.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
