Demand Expected to Increase for SK Rent-a-Car at Estimated $572 Million Acquisition Price

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Affinity Equity Partners is set to buy SK Rent-a-Car Co., South Korea’s No.2 car leasing company, at some 800 billion won ($572 million), raising expectations that the leading Asian buyout fund manager may resume acquisitions in the country under the new leadership after a hiatus in three years.SK Networks Co., a unit of South Korea’s second-largest conglomerate SK Group, selected Affinity as a preferred bidder to sell a 100% stake in the car rental company whose corporate value was estimated at around 3 trillion won, including its debts of 2 trillion won, people familiar with the matter said on Tuesday.

The parent made SK Rent-a-Car a wholly owned unit to sell it after a public tender offer last year at 13,500 won per share and a swap of its treasury shares for a stake in the car rental company in January.

SK Rent-a-Car reportedly failed to create synergy with the group’s various portfolios such as Turo, the top peer-to-peer car-sharing company invested by the conglomerate, and SK Square Co.'s subsidiary Tmap Mobility Co., South Korea’s leading GPS navigation app operator.

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Article Details

Category: Economy

Markets: South KoreaHong KongJapan

Topics: Networks Affinity Rent-a-car Company Sell Equity Korea’s South Sources Billion Unit

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-16 @ 16:54:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 607 words

Reading Time: 4 minutes read

Sentences: 22 lines

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Copyright Owner: © Korea Economic Daily

News ID: 20701515

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