By Kwanwoo Jun
E-commerce platform eBay Inc. agreed to sell an 80.0% stake in its South Korean unit to retailer E-mart for about $3.0 billion, the companies said Thursday.
eBay said the deal valued its unit, which runs G-market, IAC and G-9 online markets, at $3.8 billion. The San Jose, Calif.-based company said it would still retain a 19.99% stake in its South Korean unit after the transaction.
E-mart, a retailer affiliated with the Shinsegae Group conglomerate in South Korea, said in a regulatory filing that its board had confirmed the agreement.
eBay's South Korean unit is the country's third-largest e-commerce business after Naver and Coupang Inc.
E-mart, a late comer to the e-commerce business, would become the second-largest e-commerce business in South Korea if it is combined with eBay's operations in the country, analysts said.
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(END) Dow Jones Newswires