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Shinsegae Emart to acquire eBay Korea for near US$ 3 bil. Updated: 2021-06-24 17:48:21 KST

Emart, a subsidiary of South Korean retail giant Shinsegae Group, is to acquire eBay's e-commerce businesses in Korea.
Emart announced on Thursday that it will acquire an 80 percent stake of eBay Korea which owns GMarket, Auction and G9 for near three.four trillion won, or roughly three billion U.S. dollars.
The acquisition is expected to move the Shinsegae Group up to second in the country's e-commerce market, behind online portal giant Naver.
Last year, Naver had a market share of 18 percent, followed by eBay Korea's 12 percent and Coupang's 13 percent.
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