eBay sells Korean business to Emart for $3.0bn. Credit: © eBay.

South Korean retailer EMART has agreed to purchase a controlling stake in eBay Korea for around KRW3.44tn ($3.0bn).

Emart will acquire 80.01% of the businesses, including G-Market, IAC and G-9, with eBay keeping the remaining 19.99% stake.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The integration of eBay Korea and Emart is intended to create one of Korea’s leading e-commerce businesses.

Once the deal is completed, Emart plans to invest more than KRW1tn ($886m) in fulfilment centres over the next four years.

The company will transform its offline stores into fulfilment centres to strengthen the supply chain management system of its parent company, Shinsegae Group.

Despite the effects of the Covid-19 pandemic, eBay’s off-platform businesses in Korea generated around $1.4bn in revenue and more than $14bn in gross merchandise value (GMV) last year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

eBay CEO Jamie Iannone said: “After a thorough strategic review and competitive sale process, we are excited to come to an agreement with Emart.

“This deal brings together two strong e-commerce and retail companies that can unlock tremendous potential in Korea and provide more choice for customers.

“We believe this move further optimises our portfolio and creates value for eBay shareholders.”

The implementation of the deal will require the Bank of Korea to accept the filings related to foreign exchange transactions.

The purchase agreement acknowledged by the two companies can be altered only by mutual agreement between them.

The deal is expected to be closed by the end of the year or early next year subject to regulatory approvals.

Going forward, eBay will report these businesses as discontinued operations.

In a separate development, eBay completed the previously announced sale of its Classifieds business to online classified specialist Adevinta for $2.5bn in cash and a 44% equity stake in Adevinta.