logo
  

EBay To Sell Major Stake In Korean Businesses To Emart For $3 Bln

eBay Inc. (EBAY) announced Thursday an agreement to sell 80.01% interest in its Korean Businesses to Emart. The company would retain a 19.99% interest.

The company is divesting businesses including G-Market, IAC and G-9. eBay would receive around 3.44 trillion Korean won or $3.0 billion gross cash proceeds.

The implied value for the whole Korean Business is approximately $3.8 billion.

The transaction is expected to close by year-end or early next year, subject to regulatory approvals. eBay would also retain its stake of approximately 4% of Kakao Bank.

The combination of eBay Korea and Emart group of companies is expected to create one of Korea's leading ecommerce businesses.

The form of the purchase agreement, agreed upon by the parties, is subject to change only by mutual agreement between eBay and Emart.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
General Motors will start replacing defective battery modules in Chevrolet Bolt EVs and EUVs with new modules. The replacement battery modules will be shipped to dealers as soon as mid-October, the automaker said in a statement. CVS Health is set to recruit qualified candidates to fill 25,000 clinical and retail jobs during a one-day national career event on Friday, September 24. This will enable CVS to meet the high demand for pharmacists, pharmacy technicians, nurses, and retail store associates to support flu season, COVID-19 vaccinations and testing. Twitter, Inc. (TWTR) announced Monday that it has entered into a binding agreement to settle the consolidated class action lawsuit commenced in 2016 in the United States District Court for the Northern District of California. Under the terms of the proposed settlement, Twitter will pay $809.5 million...
Follow RTT