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EBay likely to sell South Korean unit to Shinsegae, Naver for about US$ 3.6 billion
Updated: 2021-06-16 15:02:00 KST
Reports say there's a likely winner in bidding to buy out eBay Korea, which runs the country's two biggest e-commerce sites, Gmarket and Auction.
Industry sources say the buyers are likely to be retailer Shinsegae Group and e-platform Naver, which formed an e-commerce partnership earlier this year..
The sources say EBay will sell around 80 percent its South Korean business to these two firms for about 3.6 billion U.S. dollars.
None of the companies reportedly involved in the deal have made any official announcement.
But if it goes through, the deal will shake up the country's e-commerce market by by giving Shinsegae and Naver a market share of almost 33 percent, putting their rival Coupang in a distant second at 13 percent.
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