Ebay looks for alternative for S. Korean unit Gmarket
American multinational e-commerce corporation eBay Inc. confirmed it began its process of finding other strategic solutions for its South Korean business.
According to the company, it is necessary to find an alternative for its South Korean unit Gmarket that the company bought back in 2009 for $1.2 billion, and combined it with its other unit, Internet Auction Co.
However, in March last year, eBay said it wanted to sell Gmarket for approximately $5 billion in order to attract interest from companies that operate on the South Korean market such as Lotte Shopping, Shinsegae, Hyundai Department Store Group, and MBK Partners.
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