eBay gets approval to acquire Gmarket
April 23rd, 2009 Leave a comment Visited 26 times, 1 so far today
eBay gets approval to acquire Gmarket
US based ecommerce company eBay has received approval from the South Korea’s antitrust watchdog to acquire Gmarket.
The approval came with certain conditions like commission freeze for the next three years.
The deal would enable eBay to become a major player in South Korea’s online shopping market.
eBay is acquiring Gmarket for up to $1.2 billion.
Together eBay and Gmarket owns around 87.5 percent share of the customer to customer market in the country.
Gmarket has around 10 million registered users in Korea and it currently competes with eBay’s own Internet Auction division.
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