eBay sold its business in Korea for $3 billion

The company has completed the transfer of 80.01% of eBay Korea to Emart

eBay

eBay sold its business in Korea for $3 billion. Source: ebayinc.com

eBay has completed the transfer of an 80.01% stake in its Korean businesses to Emart for approximately $3.0 billion of gross cash proceeds.

According to the press release, the company will retain a 19.99% interest in the Korean businesses, including G-Market, IAC and G-9.

We are pleased to finalize the deal between eBay Korea and Emart, bringing together two strong e-commerce and retail companies that can unlock tremendous potential in Korea. By joining Emart, the eBay Korea business has an enormous opportunity ahead. We believe this deal allows eBay to further focus on growing our core marketplace and will offer additional value for our customers, employees and shareholders
Jamie Iannone, Chief Executive Officer, eBay

Meanwhile, eBay remains committed to buying back up to $7 billion worth of shares for this fiscal year.

We’ve reported that eBay entered into a strategic partnership and investment in bidadoo, an online remarketing and auction company of equipment, trucks and capital assets.

As one of the largest marketplaces for Heavy Equipment, eBay offers buyers a wide selection of equipment, trucks, parts and attachments for industries from construction to transportation to agriculture.

Through bidadoo, eBay buyers have access to the used construction equipment from leading manufacturers, governments, rental companies, contractors and financial institutions, all supported by eBay’s Business Equipment Protection Program.

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