On Wednesday, in a statement EBay said, it will sell its South Korean business to Shinsegae Group and Naver, an e-commerce firm for around $3.6 billion (4 trillion won).
According to Euromonitor, EBay Korea with a market share of about 12.8% in 2020, is South Korea’s third-largest e-commerce firm. It operates platforms including G9, Gmarket, and Auction.
eBay Korea, Shinsegae, and Naver declined comment.
In a report the Korea Economic Daily said, Lotte Shopping had also been in the running, citing anonymous investment banking sources.
South Korea represents the world’s fourth largest e-commerce market.
According to data from Euromonitor, e-commerce saw an increase in market share because of the coronavirus-induced COVID-19 pandemic; it accounted for 35.8% of the retail market in 2020 compared to 28.6% in the previous year.
($1 = 1,117.7000 won)