United States based international e-commerce company eBay Inc. (EBAY) announced that it will be selling its South Korea business in a deal worth about 4 trillion won ($3.6 billion).
According to involved sources, eBay is selling its South Korea unit to two entities; E-Mart Inc. (KS: 139480) a South Korea based online retailer owned by Shinsegae Group and Naver (KS: 035420) a South Korea online platform.
Citing data from Euromonitor, eBay’s South Korean unit, EBay Korea, was the third largest in the country in 2020 with a market share of 12.8%. The unit operates other platforms in the country including Auction, G9 and Gmarket.
In a regulatory filing made on June 17, E-Mart says its engaging eBay with an aim of entering into a binding bid to acquire eBay South Korea it further acknowledges that nothing has materialized and the talks are subject to change.
If all go as planned, E-Mart is hoping to close this deal by the end of the month.