Lotte buys KT Rental for $906 million

The Korean conglomerate buys KT Rental, Korea's largest rental car company for $906 million.

Korean conglomerate Lotte and its affiliates have agreed to buy the country's largest car rental company KT Rental for W1 trillion $906 million, the companies involved in the deal said on Thursday.

The sale will enable KT Rental owner KT Corp to focus on its main telecommunications business, which has been struggling. KT Corp said in June last year that it was looking to sell both KT Rental and KT Capital, which provides lease and instalment finance.

“The asset disposal is credit positive but currently we still have a negative outlook on KT Corp,” JunHong Park, an analyst by Standard Poor's, told Finance...

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