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Singapore-based e-commerce firm Qoo10 to acquire Tmon

(Source: Korea Bizwire)

Singapore-based e-commerce firm Qoo10 plans to acquire Tmon Inc. through a stock swap deal, industry sources said Thursday.

TMON’s two major shareholders — Anchor Equity Partners and Kohlberg Kravis Roberts & Co. — have agreed on the stock swap deal with Qoo10, according to the sources.

Under the deal, the two shareholders will trade their 81.74 percent stake in Tmon with new shares issued by Qoo10′s logistics affiliate, Qxpress. The remaining amount will be paid in cash, sources said.

The remaining stake in Tmon is owned by a consortium led by Poongsung Group, a South Korean car parts maker.

Qoo10 is also pushing to buy Interpark, a local e-commerce platform, from a local travel platform operator, Yanolja Inc., which bought a 70 percent stake in Interpark worth some 294 billion won (US$220 million).

Based in Singapore, Qoo10 is an e-commerce platform founded by eBay and GMarket founder Koo young-bae. The site operates localized market places across five Southeast Asian countries, including Indonesia, China, Hong Kong and Malaysia.

Its affiliate, Qxpress, reported around 150 billion won in sales in 2020. It is pushing for an initial public offering on the tech-heavy NASDAQ, and is currently under review by the US Securities and Exchange Commission.

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