TPG launches $613 million tender offer for Lotte Rental

Lexicon Korea Holdco, a TPG-backed vehicle that already owns 61.17 percent of Lotte Rental, has launched a cash tender offer of 59,000 won a share for the remaining 38.83 percent, valuing the buyout of the minority stake at 831.7 billion won, or about $613 million.

Why it matters: A full take-private of South Korea's best known car rental group would take TPG's total investment to about 2.14 trillion won and end Lotte Rental's listing, in one of the largest Korean private equity buyouts of the year.

Data as of Investing.com report by Roushni Nair, published November 6, 2026, read in full through the estate browser route in this run. The tender offer terms are as stated in the offer prospectus and reported there; the prospectus itself was not read in this run. Single source, so this item ships at grade C. Developing item.

TPG is moving to take Lotte Rental fully private. Lexicon Korea Holdco, its acquisition vehicle, is offering 59,000 won in cash a share for the 14.1 million shares it does not already own, the remaining 38.83 percent of the South Korean car rental company, in an offer running from November 6 to December 3 with settlement on December 7, no minimum acceptance threshold, and a stated intention to make Lotte Rental a wholly owned subsidiary and pursue a voluntary delisting.

Lexicon built its controlling stake only a week ago, acquiring 22.2 million shares, 61.17 percent, from Hotel Lotte and Busan Lotte Hotel for 1.31 trillion won on October 30, and a full take-up of the tender would lift TPG’s total investment to about 2.14 trillion won. The offer price is an 11.5 percent premium to Lotte Rental’s November 5 close of 52,900 won, and the shares rose 10.4 percent in early Friday trade to a 52-week high of 58,400 won, against a Kospi that fell sharply the same morning.

TPG launches $613 million tender offer for Lotte Rental

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