Global e-commerce giant eBay Inc. is selling its South Korean business to local companies for 4 trillion won.
- The business will be sold to two South Korean retailer Shinsegae Group, and e-commerce leader Naver for an equivalent of $3.6 billion. Parties have yet to comment on the transaction.
- The two South Korean firms teamed up in March by purchasing 250-billion won worth of stakes in each other’s affiliates, unifying their retail and e-commerce operations.
- eBay Korea accounted for 12.8% of the market in 2020, making it the third-largest e-commerce firm. Its portfolio includes Gmarket, Auction, and G9.
South Korea is the four-largest e-commerce market across the globe accounting for 35.8% in 2020.
EBAY is up 0.18% premarket.
Source: Financial Market