Affinity Signs Agreement to Acquire 56.2% Stake in Lotte Rental
Global private equity firm Affinity Equity Partners has completed the acquisition of Lotte Rental.
Lotte Rental announced on the 12th that its largest shareholders, Hotel Lotte and Busan Lotte Hotel, signed a stock purchase agreement (SPA) with Affinity the previous day to sell 56.2% of Lotte Rental's shares for 1.5729 trillion KRW (77,115 KRW per share).
Affinity also signed a subscription agreement (SSA) for new shares through a paid-in capital increase of Lotte Rental. Lotte Rental will conduct a third-party allotment paid-in capital increase targeting Affinity, issuing new shares worth a total of 211.9 billion KRW. This includes 7,261,877 common shares at an issue price of 29,180 KRW per share.
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The funds raised from the new share issuance will be used to expand Lotte Rental's used car business-to-consumer (B2C) operations and to repay corporate bonds early following the change in the major shareholder.
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