Affinity, CVC among KT Rental suitors

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kt koreaPrivate equity firms Affinity Equity Partners and CVC Capital Partners are reportedly preparing to bid for South Korean car rental business KT Rental.

The company could be sold for KRW800bn ($786m), people familiar with the matter told Reuters.

KT Rental is part of Korean telecommunications group KT Corp, which has also put its loan servicing division KT Capital on the block.

The company recently disclosed that it had a 26 per cent share of the Korean car rental market in the second quarter.

Recent private equity deals in Korea include L Capital Asia’s $80m investment in YG Entertainment whose artists include rapper Psy of Gangnam Style fame.

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