The company has completed the transfer of 80.01% of eBay Korea to Emart for approximately $3.0 billion USD
SAN JOSE, CA (STL.News) eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced it had completed the transfer of 80.01% stake in its Korean businesses for approximately $3.0 billion USD of gross cash proceeds.
“We are pleased to finalize the deal between eBay Korea and Emart, bringing together two strong eCommerce and retail companies that can unlock tremendous potential in Korea,” said Jamie Iannone, Chief Executive Officer, eBay. “By joining Emart, the eBay Korea business has an enormous opportunity ahead. We believe this deal allows eBay to further focus on growing our core marketplace and will offer additional value for our customers, employees, and shareholders.”
The Company will retain a 19.99% interest in the Korean businesses, including G-Market, IAC, and G-9.
The Company remains committed to buying back up to $7 billion worth of shares for this fiscal year. Please reference the 8-K that eBay plans to file Monday, November 15 (US time) for further information.
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects millions of buyers and sellers in more than 190 markets worldwide. They exist to enable economic opportunity for individuals, entrepreneurs, businesses, and organizations of all sizes. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2020, eBay enabled over $85 billion of gross merchandise volume.