eBay Inc. (EBAY) said it has completed the transfer of 80.01% stake in its Korean businesses to Emart for gross cash proceeds of about $3.0 billion.
The company noted that it will retain a 19.99% interest in the Korean businesses, including G-Market, IAC and G-9.
The company said it remains committed to buying back up to $7 billion worth of shares for this fiscal year.
In June, eBay agreed to sell 80.01% interest in its Korean Businesses to Emart. The company would retain a 19.99% interest.
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