Bidders Chosen for Hertz Korea Licensee

A preferred bidder has been chosen for Kumho Rent-A-Car Co., the official Hertz licensee for Korea, according to the Wall Street Journal.

According to a regulatory filing, a partnership of South Korea’s largest fixed-line telephone company, KT Corp., and private-equity firm MBK Partners has been picked.

No details were given about the price. Kumho Asiana said in November that five companies had made offers to acquire Kumho Rent-A-Car.

Kumho Rent-A-Car, founded in 1990, operates 160 branches around the country and more than 50,000 vehicles in its fleet. Kumho Rent-A-Car is wholly owned by Korea Express Co., a Kumho Asiana affiliate and South Korea’s largest logistics firm by revenue. State-run Korea Development Bank, the main creditor of Kumho Asiana Group, has been forcing the conglomerate to sell assets because of liquidity problems. Besides Kumho Rent-A-Car, Kumho Asiana is also selling Daewoo Engineering & Construction Co. and Kumho Life Insurance Co. for 400 billion won ($340 million). Kumho Asiana also has interests in airlines, construction and logistics.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Trump and Regulations: An Alt-Fuel View

With 2025 emissions targets back in review, manufacturers, alt-fuel, and alt-power suppliers weigh in on the potential impacts of Trump’s initiatives.

Why GM’s Telematics Announcement is a Really Big Deal

Enabling a telematics connection at the factory — and not through an aftermarket hardware installation — is a game changer for fleets.

Four Thoughts From the 2016 Conference Calls

Sifting through the notes of Avis Budget Group’s and Hertz Global Holdings’ recent fourth quarter conference calls give us some trend lines to watch out for in 2017. (Of course, this gives us an incomplete snapshot, as Enterprise Holdings is privately held.)

Job Finder: Access Top Talent. Fill Key Positions.

>