eBay Inc. already owns Internet Auction Co. Now, it is going to buy Gmarket, the biggest Korean online retailer.
eBay Inc. signed a deal Thursday to buy a 34.21 percent stake in Gmarket Inc., for $413 million, Yonhap News reported Thursday.
The deal calls for eBay, the world's largest Web auctioneer, to buy the stake from Interpark Corp., which runs a separate online mall, and its chief executive officer, the sources said.
eBay's South Korean unit, Internet Auction Co., has been competing with Gmarket, its bigger South Korean rival. Gmarket's sales reached 3.98 trillion won ($3.02 billion) last year.
The two companies account for about 90 percent of online shopping in South Korea, and have a combined total of more than 15.4 million registered users.
eBay has reportedly been in talks with Interpark to buy an interest in Gmarket since August 2008, when it filed for approval from the South Korean government for the deal. eBay got the nod a month later.
Friday, April 17, 2009
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