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Lotte Group Receives Korean Antitrust Approval to Sell 61.2% Stake in Lotte Rental to TPG for $953 Million
Lotte Group received approval from the Korea Fair Trade Commission on Tuesday to sell its 61.2% controlling stake in Lotte Rental to private equity firm TPG for 1.31 trillion Korean won (approximately $953 million). Lotte Group stated that it will use the proceeds from this transaction to strengthen the financial position of its hotel division and to fund renovations and growth of high-end brands. The transaction is expected to be completed in October.
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