SK networks mulls selling car rental business > 경제기사 | economics

SK networks Co. is considering divesting its stake in its subsidiary SK rent-a-car Co., according to industry insiders on Tuesday.

Established in 2018, SK rent-a-car emerged from SK networks‘ acquisition of a 42 percent stake in the former AJ Rent-A-Car for 300 billion won $223 million.


Currently, SK networks holds a full stake in the company. In August 2023, SK networks announced a public tender offer for SK rent-a-car, subsequently transforming it into a wholly-owned subsidiary through comprehensive stock exchanges.

Following the tender offer, SK rent-a-car voluntarily delisted stocks. The tender offer alone cost 120 billion won.

Speculation about the sale of the company has been rife since then. This year, efforts to remove SK from the name have fueled such speculation.

However, uncertainty looms over whether the sale will materialize.

“The seller, SK, has yet to make a definitive decision, raising doubts about whether the sale will proceed smoothly,” said a source from the investment banking industry.

SK has been in contact with various potential buyers for the past two years, although no agreement has been reached. The market is questioning whether SK will officially declare the sale and whether its potential full-scale sale will be fruitful.

Earlier this year, SK networks declared a shift towards becoming an artificial intelligence AI-focused business investment company.

In January, it participated as a lead investor in the Series B funding round for Upstage, a startup developing customer-specific solutions based on large language models LLMs.

Last year, it also acquired data management and solution company en-core as a subsidiary.

The evaluation of divesting SK rent-a-car, which has limited potential for synergy with the AI business, is seen as part of the company’s process of realigning its existing businesses and adjusting its portfolio.

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