Ebay buys Korean internet retailer Gmarket

Ebay is acquiring the online retailer Gmarket for 1.2 billion dollars, making it the market leader in South Korea. According to the online auction house, it has already secured 67 percent of its Korean competitor. According to Reuters, Ebay announced on Thursday that this included the stakes held by major shareholders Yahoo and Interpark, which together held 39 percent of Gmarket. The US company is offering the remaining shareholders 24 dollars per share, which represents a premium of 20 percent on the recent closing price of Gmarket shares.
South Korea is the world's sixth largest online trading market and more than ten million users are registered with Gmarket, a retailer specializing in fashion. Ebay wants to merge Gmarket with its South Korean subsidiary Internet Auction, whose strengths lie in trading electrical and sporting goods. The competition authorities have approved the takeover subject to conditions.