On June 20, SK Networks announced its decision to sell its subsidiary, SK Rent-a-Car, to Affinity Equity Partners for 820 billion won (approximately $591.2 million). The decision was made during a board meeting, and the contract is expected to be signed within a month following the buyer’s board approval. The transaction is anticipated to be finalized by the third or fourth quarter of this year.
This strategic move is part of SK Networks’ broader effort to evolve into an AI-focused company. The sale of SK Rent-a-Car is intended to stabilize the company’s financial structure and lay a foundation for future growth. In April, Affinity Equity Partners was selected as the preferred bidder for this transaction.
The contract stipulates that Affinity will retain all employees of SK Rent-a-Car to ensure smooth business operations. Additionally, Affinity plans to boost the company’s competitive edge by expanding its growth foundations and offering services that cater to diverse customer needs.
Min Byung-chul, the head of Affinity Equity Partners in South Korea, expressed optimism about the acquisition. “We plan to increase the corporate value of SK Rent-a-Car through active investments and continue to grow it as a leading brand in the industry,” he stated.
This sale represents a significant step for SK Networks as it shifts focus towards becoming a leading player in the AI sector, while Affinity Equity Partners aims to enhance SK Rent-a-Car’s market position through strategic investments and operational improvements.
