Yahoo! acquires 10 percent stake in online retailer Gmarket

Yahoo! acquires 10 percent stake in online retailer Gmarket

Search Engine Company and the operators of the world’s most popular website Yahoo! have announced their plans to acquire a minor stake in the South Korean online retailer Gmarket.

This would help them target the country’s $11 billion online shopping industry. They are purchasing this stake from U.S. venture capital firm Oak Investment Partners that currently holds 29 percent stake in the company.

Gmarket just recently applied for a NASDAQ initial public offering worth up to $100 million and is betting on the huge potential in the South Korean market for their business model.

Yahoo chief operating officer Dan Rosensweig spoke about this new deal: “We look forward to working with Gmarket to leverage their e-commerce expertise to further expand Yahoo!’s leading position in commerce in Asia.”