Shinsegae Group and Naver have agreed to acquire EBay’s South Korean business for $3.6 billion, according to Financial Post.
- EBay Korea runs Gmarket, Auction, and G9 and is third among the nation’s e-commerce companies with a market share of 12.8% as of 2020.
- South Korea is the fourth biggest e-commerce market globally, presenting a profitable opportunity for Shinsegae and Naver.
- The three parties are yet to comment on the acquisition.
The corona pandemic has contributed to the growth of e-commerce accounting for 35.8% of retail market in 2020, against 28.6% in 2019. 004170 is up 1.33%, 035420 is up 1.03%, EBAY is down 0.39% on pre-market.