(Financial Post) Ebay has agreed to sell its South Korean e-commerce unit to Naver and Shinsegae Group for 4 trillion won or $3.6 billion.
Ebay controls about 12.8% of Korean market share, making it the third-largest e-commerce firm in the country.
Popular platforms of Ebay in South Korea include Gmarket, G9, and Auction
South Korea ranks as the fourth largest e-commerce firm in the world, positioning Naver and Shinsegae to post-acquisition opportunities.
South Korea’s e-commerce market grew during the coronavirus pandemic to control about 35.8% of the retail market in 2020, up from 28.6% in 2019.
The acquisition of the Ebay’s e-commerce firm reflects ongoing partnership between Shinsegae and Naver which started in March.
EBAY is down -0.36% on premarket, 035420 is up +1.03%, 004170 is up +1.33%
