A PYMNTS Company

EBay Looking To Sell South Korean Unit

By  |  March 3, 2020

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. 

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.