LOTTE Rental's Largest Shareholder to Exit in 1.31 Trillion Won Deal
Lotte Rental (KRX:089860), the largest shareholder, Hotel Lotte, along with major shareholder Busan Lotte Hotel, have entered into a share purchase agreement to sell their combined 61.17% stake in the company to Lexicon Korea Holdco.The transaction involves 22.2 million common shares at 59,000 won per share, valuing the deal at 1.31 trillion won, with Hotel Lotte selling its 38.14% stake and Busan Lotte Hotel disposing of its 23.03% stake.The closing date is set for 14 business days after all conditions precedent, including approval from the Korea Fair Trade Commission, have been satisfied, according to a filing on Tuesday.Upon completion, the largest shareholder of LOTTE Rental is expected to change, with the company planning to file a separate disclosure regarding the change.
