Global e-commerce business eBay is reportedly selling off its Korean businesses G-Market, Auction and G9, in a deal worth $4.5 billion (5 trillion won).
According to Korea Times, eBay is exploring a number of “strategic alternatives” for its Korean businesse and is looking for options that will maximise value for shareholders and create growth for the wider business.
“From last week, we heard there is going to be an announcement made by our headquarters in the United States. Given that it said it was considering a variety of options, it seems to be in the process of selling the platforms,” an eBay Korea official said, according to Korea Times.
EBay’s Korean platforms provide around 11 per cent of its annual sales, and it’s expected any player that acquires the three businesses could become one of the top three e-commerce platforms in Korea.
Rival marketplace Coupang, which is considered South Korea’s most popular online retailer, is reportedly looking to go public in the first half of 2021.
Last March Bizwire reported that eBay was struggling to offload the businesses, though Lotte and Shinsegae had emerged as potential buyers.