TPG Capital has agreed to acquire a 61.2% stake in Lotte Rental Co. for $925 million (1.31 trillion won), as reported by Bloomberg Markets. This deal revives a previously blocked takeover of South Korea’s largest car-rental company, which regulators had opposed months earlier. The acquisition marks a strategic move for TPG to expand its presence in Asia’s automotive rental market.

Lotte Rental Co., a dominant player in South Korea, has operated under regulatory scrutiny due to its market size. The earlier blocked sale highlighted concerns about competition and market concentration. TPG’s current offer addresses these issues by securing a majority stake without full ownership, potentially easing regulatory hurdles. The $925 million price tag underscores the company’s value in the regional market.

The deal’s revival follows delays caused by regulatory pushback. Analysts note that TPG’s approach differs from the prior bid, focusing on a partial stake to comply with antitrust regulations. This restructuring could allow Lotte Rental to maintain operational flexibility while benefiting from TPG’s global expertise. The transaction is expected to close in the coming months, pending final approvals.

This acquisition positions TPG as a key investor in South Korea’s logistics and mobility sector. Lotte Rental’s 61.2% stake purchase by TPG may also signal confidence in the company’s long-term growth prospects. The move aligns with TPG’s strategy to diversify its portfolio beyond traditional sectors like energy and real estate.