Not even a week after reports began speculating that eBay were close to closing a deal to sell the eBay South Korea operation, Emart announces that they have reached an agreement for the purchase of eBay’s businesses in Korea. Execution of the fully negotiated and finalized purchase agreement is contingent upon the Bank of Korea’s acceptance of the filings related to foreign exchange transactions.
As stated in eBay’s press release the form of the purchase agreement, agreed upon by the parties, is subject to change only by mutual agreement between eBay and Emart. Pursuant to the transaction, eBay will sell an 80.01% stake in its Korean businesses for 3.44 trillion KRW (or approximately $3.0 billion USD1) of gross cash proceeds.
E-Mart is the largest retailer in South Korea founded in 1993 by Shinsegae. The purchase of a majority holding in eBay South Korea would help them compe
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