This is one of Korea’s largest private equity transactions announced in 2026

Davis Polk is advising TPG on its acquisition of approximately 61.2% of the shares in Lotte Rental from Hotel Lotte and Busan Lotte Hotel at ₩59,000 per share, in a transaction valued at approximately ₩1.3 trillion ($925 million). The transaction is one of Korea’s largest private equity transactions announced in 2026. The transaction is subject to regulatory approvals and other customary closing conditions.

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $327 billion of assets under management and investment and operational teams around the world. The company invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions. TPG will invest in Lotte Rental through TPG Capital Asia, the firm’s Asia private equity platform.

Lotte Rental is the No. 1 operator in South Korea’s car rental market, with established competitive strength in short-term and long-term car rental, used car sales and mobility services. Founded in May 1986 and listed on the KOSPI, Lotte Rental has led the Korean rental industry since its foundation, operating an auto rental business that includes Lotte Rent-a-Car, Lotte Auto Auction (one of Korea’s largest used car resale platforms), Lotte Auto Lease and the Green Car car-sharing platform, alongside a general rental business covering office equipment, IT and medical devices.

The Davis Polk corporate team includes partner Samuel Kang, counsel – registered foreign lawyer Xi Shi and registered foreign lawyers Yong Lee and Claire Park. Partner Jack Orford and associate James Moore are providing sponsor finance advice. Partner Jürgen Schindler and associate Georgios Karayiannis are providing antitrust and competition advice. Counsel Yuan Zheng is providing regulatory advice. Members of the Davis Polk team are based in the Hong Kong, New York and Brussels offices.

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