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SK Rent-a-Car Jeju branch (photo = SK Rent-a-Car homepage) |
[Alpha Biz= Reporter Kim Jisun] IMM Private Equity (PE), Glenwood Private Equity and Affinity Equity Partners have entered the race to acquire SK Rent-a-Car.
According to the investment banking (IB) industry on the 12th, IMM, Glenwood and Affinity participated in a preliminary bid conducted by UBS, the organizer of the sale of SK Rent-a-Car, and submitted a letter of intent (LOI). The sale price is estimated at between 700 billion won and 800 billion won. Once several private equity funds (PEFs) participated, there was a green light for success. SK Rent-a-Car has been evaluated as a regular sale since last year, and recently it has been speeding up by switching to an open bidding method.
SK Networks acquired a 42% stake in AJ Rent-a-Car for 300 billion won in 2018 and voluntarily delisted it after an in-house purchase to become a 100% subsidiary last year. A total of 120 billion won was invested in the tender offer.
SK Rent-a-Car increased 12.5% to 1.4028 trillion won in consolidated sales last year, and operating profit increased 28.3% to 122 billion won. Cashcow is responsible for more than half of SK Networks' annual operating profit (237.3 billion won).
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
