South korea: The Fair Trade Commission (FTC) has granted approval for U.S. private equity firm TPG Inc. to acquire a controlling stake in Lotte Rental Co., a leading car rental company in South Korea.

According to Yonhap News Agency, the FTC's decision was influenced by the fact that TPG and Lotte Rental are involved in different business sectors, making it unlikely that the acquisition would negatively impact market competition. Last month, Lotte Group announced its agreement to sell a 61.2 percent stake in Lotte Rental to TPG.

The FTC is mandated to conduct a comprehensive merger review when independent companies come under common control. This recent approval follows a previously unsuccessful attempt by Lotte to sell Lotte Rental to Affinity Equity Partners. The prior deal was blocked by the FTC in January due to concerns over competition restrictions, as Affinity Equity Partners already owns SK Rent-a-Car Co., the second-largest rental car operator in the country.