NAME: TPG's $925 million acquisition of Lotte Rental
LAW FIRMS: Lee & Ko, Shin & Kim, Yoon & Yang, Davis Polk & Wardwell
JURISDICTION: South Korea
PRACTICE AREA: Corporate and M&A
INDUSTRY SECTOR: Consumer goods and services
TPG's 1.3 trillion won ($925 million) acquisition of a majority stake in Lotte Rental is our Deal of the Month for August.
Lee & Ko and Davis Polk & Wardwell advised US private equity firm TPG on its 1.3 trillion won ($925 million) acquisition of a majority stake in Lotte Rental, Lotte Group's car-rental subsidiary. Yoon & Yang represented the sellers Hotel Lotte and Busan Lotte Hotel. Lotte Rental is South Korea's leading car-rental operator, with operations spanning short-term and long-term rentals, used car sales and mobility services, and is listed on the Korea Composite Stock Price Index (KOSPI).
The transaction ranks among Korea's largest private equity acquisitions announced in 2026, reflecting continued international appetite for South Korean consumer and mobility assets.
Davis Polk & Wardwell and Lee & Ko advised TPG, with Davis Polk's team led by partner Samuel Kang alongside counsel Xi Shi and registered foreign lawyers Yong Lee and Claire Park. Lee & Ko's team was led by partners Daehoon Koo and Allen Ryu. Yoon & Yang advised the sellers, with the team led by partner Jin Kook Lee and supported by So Yeon Yoon, Minji Kim and Myong-Hyon (Brandon) Ryu. Shin & Kim served as antitrust counsel to TPG, with the team led by partners Sangdon Lee and Seung Hyeon Sung.
