Lotte Rent-a-Car's Seoul Station branch (Lotte Rental) Lotte signed an agreement to sell its controlling stake in Lotte Rental, the operator of the country's top car rental brand Lotte Rent-a-Car, at 1.31 trillion won ($926 million) to US-based private equity firm TPG, the group announced Tuesday.The deal covers the entire 61.2 percent stake held by Hotel Lotte and Busan Lotte Hotel — 38.1 percent and 23.0 percent, respectively — at 59,000 won per share.Lotte said it selected TPG as the final buyer based on enterprise value, deal structure, employment guarantees, closing certainty, financing capacity and other contractual terms.TPG plans to solidify Lotte Rental's leading position in the domestic mobility market, leveraging its investment experience and expertise in global mobility companies such as Uber, Lotte said.Lotte plans to use the proceeds from the deal to bolster the financial stability of Hotel Lotte and Busan Lotte Hotel, improving profitability and operational efficiency while strengthening the hotel brand's global competitiveness.The sale is part of the group's move to streamline its portfolio around core businesses, following its sale of curtain wall contractor Lotte Eco Wall in May.The deal is subject to approval from the Korea Fair Trade Commission. The watchdog turned down Hong Kong-based Affinity Equity Partners' bid to acquire Lotte Rental in January, citing antitrust concerns."Lotte selected the buyer for Lotte Rental after taking market conditions and the company's mid- to long-term growth strategy into consideration," a Lotte official said."Lotte will focus more on strengthening the underlying competitiveness of its core businesses and further optimizing its business portfolio."