EBay is looking to sell its South Korean unit, which includes Gmarket, one of the largest online marketplaces in the country, in a deal that could fetch nearly US$5 billion, a Seoul-based newspaper reported on Tuesday, March 3.
The Korea Economic Daily, citing an unnamed industry official, reported that eBay has decided to sell 100% of its stake in eBay Korea, reported Reuters.
Possible buyers include other South Korean retail giants such as Lotte Shopping, Shinsegae, and Hyundai Department Store Group, as well as private equity funds like MBK, the country’s largest private equity firm, the newspaper reported.
EBay bought Gmarket in 2009 for up to US$1.2 billion, and combined it with its South Korean unit, Internet Auction.
At the time, the combined companies accounted for 87% of the country’s online consumer-to-consumer market and more than 30% of the Web shopping mall market, the Korean antitrust agency stated.
Full Content: Reuters
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