Lotte signed an agreement to sell its controlling stake in Lotte Rental, the operator of the country's top car rental brand Lotte Rent-a-Car, at 1.31 trillion won ($926 million) to US-based private equity firm TPG, the group announced Tuesday. The deal covers the entire 61.2 percent stake held by Hotel Lotte and Busan Lotte Hotel — 38.1 percent and 23.0 percent, respectively — at 59,000 won per share. Lotte plans to use the proceeds from the deal to bolster the financial stability of Hotel Lotte and Busan Lotte Hotel, improving profitability and operational efficiency while strengthening the hotel brand's global competitiveness. The watchdog turned down Hong Kong-based Affinity Equity Partners' bid to acquire Lotte Rental in January, citing antitrust concerns. "Lotte selected the buyer for Lotte Rental after taking market conditions and the company's mid- to long-term growth strategy into consideration," a Lotte official said.