SK Networks Selects 'Affinity Equity Partners' as Preferred Bidder for SK Rent-a-Car Sale

Accelerating Business Model Transformation Based on Artificial Intelligence

SK Networks has selected Affinity Equity Partners as the preferred bidder for the sale of its subsidiary SK Rent-a-Car and plans to further accelerate the transition to an artificial intelligence (AI)-based business model across its subsidiaries.

On the 16th, SK Networks announced through a public disclosure that it has designated Affinity as the preferred bidder for the sale of SK Rent-a-Car shares and plans to proceed with due diligence and other processes for the final contract. The expected sale price is around 850 billion KRW, with some potential changes during the detailed negotiation process.

Since the 2020s, SK Networks has continued investing in and collaborating with promising future technology companies, selecting AI as a core growth area and focusing its capabilities accordingly. In this process, it closely reviewed the business model and future strategic alignment of SK Rent-a-Car.

Exterior view of SK Networks Samil Building.
Photo by SK Networks

Recently, SK Networks decided to further stabilize its financial structure through the sale of its stake in SK Rent-a-Car and to use the proceeds as resources for future growth, leading to this stage.

Affinity, selected as the preferred bidder, is known for enhancing value through investment and support based on a long-term vision for companies with growth potential, and has the investment capacity to strengthen SK Rent-a-Car’s future business competitiveness.

Among private equity funds (PEFs), Affinity is recognized for its excellent capability in formulating growth strategies together with its investment team. During the preliminary bidding phase, it reportedly demonstrated strong acquisition intent by proposing market value assessments of SK Rent-a-Car and plans for employee succession.

SK Networks will assist in ensuring smooth progress of due diligence and subsequent processes, while strengthening efforts to develop AI-centered business models and secure new growth engines.

An SK Networks official emphasized, "SK Rent-a-Car, which has secured competitiveness through various industry-leading rental products and services, will continue to grow sustainably. We will lead negotiations well with the preferred bidder, and SK Networks will also pursue evolution based on a more solid financial soundness."