E-MART Inc. (KOSE:A139480) reached an agreement to acquire 80.01% stake in eBay Korea Co., Ltd. from eBay KTA (UK) Limited for KRW 3.4 trillion on June 24, 2021. Execution of the fully negotiated and finalized purchase agreement is contingent upon the Bank of Korea's acceptance of the filings related to foreign exchange transactions. The form of the purchase agreement, agreed upon by the parties, is subject to change only by mutual agreement between eBay and Emart.

Pursuant to the transaction, eBay will sell an 80.01% stake in its Korean businesses for KRW 3.44 trillion (or approximately $3.0 billion) of gross cash proceeds. The transaction is subject to regulatory approvals- eBay to retain its stake of approximately 4% of Kakao Bank. As of June 30, 2021, Bank of Korea approved the transaction.

Transaction is expected to close by year-end or early next year. Goldman Sachs & Co. LLC and Sullivan & Cromwell LLP represented Melissa Sawyer of Morgan Stanley & Co.

LLC are acting as financial advisors to eBay. Karessa L. Cain, Nelson O. Fitts, Erica E. Bonnett, John R. Sobolewski, Selwyn B. Goldberg, T. Eiko Stange and Rachel B. Reisberg of Wachtell Lipton, Rosen & Katz and Kim & Chang are acting as legal advisors to eBay. J.P. Morgan acted as exclusive financial advisor to E-MartJaewoo Lee and Kelly Jin, Oliver Nip and Jackie Kahng, Elaine Murphy, Samer Musallam, Ruchit Patel, Lisa Kaltenbrunner, Matthew Jacobson and Tara Fisher, Thomas Brown, Steven Kaye and Deidre Johnson of Ropes & Gray acted as legal advisor for E-Mart.

Young-Jin Oh and Byeong-Joon Goh of PMG Corporate Finance LLP acted as a financial advisor and due diligence provider to eBay Korea Co., Ltd.