Lotte Group has finalized the sale of its 61.2% controlling stake in Lotte Rental to U.S.-based private equity firm Texas Pacific Group (TPG) for 59,000 won per share and 1.3105 trillion won, or approximately $982.5 million. The transaction closed on Oct. 30 after Lotte signed an Aug. 11 agreement covering the entire stake held by Hotel Lotte and Busan Lotte Hotel, consisting of 38.1% and 23.0%, respectively. The sale received corporate combination approval from the Fair Trade Commission, and Lotte Rental identified Lexicon Korea Holdco, a TPG-established special purpose company, as its new largest shareholder. The deal forms part of Lotte Group's portfolio overhaul, which includes divesting non-core and low-efficiency assets and focusing major affiliates on higher-value businesses. Lotte has secured about 1.7 trillion won through asset and stake sales this year, while proceeds from the transaction are intended to support financial stability, core competitiveness and future growth.