SK Rent-a-Car Acquired by Private Equity Firm Affinity for 820 Billion Won

SK Networks Approves 100% Stake Sale
Procedures to Complete Within the Year... All Employees to Retain Employment

SK Networks is selling SK Rent-a-Car for 820 billion KRW. The decision aims to stabilize the financial structure and lay the foundation for future growth.

On the 20th, SK Rent-a-Car held a board meeting and approved the transfer of 100% of its shares to the private equity fund Affinity Equity Partners for 820 billion KRW. Affinity was selected as the preferred bidder for SK Rent-a-Car in April. After going through Affinity’s board approval, the contract is expected to be signed within a month. The remaining procedures will be completed within the year.

According to the contract between the two companies, Affinity will succeed the employment of all SK Rent-a-Car employees. Along with this, they plan to establish a data-driven decision-making system and pursue process innovation.

They intend to expand customer options regarding rental periods and billing methods, and maximize customer convenience through various additional services. Through this, they aim to establish SK Rent-a-Car as an industry-leading "Car Life Management" brand.

Min Byung-chul, Head of Korea at Affinity Equity Partners, stated, "We will enhance SK Rent-a-Car’s corporate value through active investment and continue to grow it as an industry-leading brand. We hope the friendly partnership between SK Group and Affinity will continue long-term."

SK Networks plans to support the smooth completion of the SK Rent-a-Car sale process while improving management efficiency by strengthening financial stability and clarifying management systems between the parent and subsidiaries. Through this, they aim to generate stable performance and introduce business models incorporating artificial intelligence (AI) in key areas.

An SK Networks official said, "We are developing business models using AI in major departments and subsidiaries, and are building a structure to enhance competitiveness through organic relationships between the headquarters and subsidiaries. We will closely monitor the changing business environment, strengthen internal capabilities, and evolve into an AI company."