eBay (EBAY) Buys Controlling Stake In Gmarket (GMKT) For $413 Million
EBay Inc (Nasdaq: EBAY) has agreed to buy a controlling stake in South Korean online retailer Gmarket Inc (Nasdaq: GMKT) for $413 million, at a 32.5% premium, news service eDaily reported late last night.
The long rumored deal will help eBay emerge as a leading player in South Korea's customer-to-customer auction market by taking controlling stake in its main competitor.
EBay is buying the 34.2% stake in Gmarket from its current top shareholder Interpark and the Korean firm's chairman, at $24 a share, eDaily and Reuters reported, citing unidentified sources. The reported price compares with Gmarket's latest closing of $18.12 a share on Friday
Gmarket runs a similar business to ebay in South Korea and has more than 10 million registered users on its website.
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The long rumored deal will help eBay emerge as a leading player in South Korea's customer-to-customer auction market by taking controlling stake in its main competitor.
EBay is buying the 34.2% stake in Gmarket from its current top shareholder Interpark and the Korean firm's chairman, at $24 a share, eDaily and Reuters reported, citing unidentified sources. The reported price compares with Gmarket's latest closing of $18.12 a share on Friday
Gmarket runs a similar business to ebay in South Korea and has more than 10 million registered users on its website.
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