E-Mart to Buy eBay's South Korean Unit for $3 Billion
June 24 2021 - 4:28AM
Dow Jones News
By Kwanwoo Jun
E-commerce platform eBay Inc. agreed to sell an 80.0% stake in
its South Korean unit to retailer E-mart for about $3.0 billion,
the companies said Thursday.
eBay said the deal valued its unit, which runs G-market, IAC and
G-9 online markets, at $3.8 billion. The San Jose, Calif.-based
company said it would still retain a 19.99% stake in its South
Korean unit after the transaction.
E-mart, a retailer affiliated with the Shinsegae Group
conglomerate in South Korea, said in a regulatory filing that its
board had confirmed the agreement.
eBay's South Korean unit is the country's third-largest
e-commerce business after Naver and Coupang Inc.
E-mart, a late comer to the e-commerce business, would become
the second-largest e-commerce business in South Korea if it is
combined with eBay's operations in the country, analysts said.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
June 24, 2021 04:26 ET (08:26 GMT)
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