Pulse2 Technology and Social Media News » Gmarket http://pulse2.com Sat, 26 May 2012 21:27:32 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 eBay Partners With Young Bae Ku To Expand Gmarket Into Japan and Singapore http://pulse2.com/2010/05/09/ebay-partners-with-young-bae-ku-to-expand-gmarket-into-japan-and-singapore/ http://pulse2.com/2010/05/09/ebay-partners-with-young-bae-ku-to-expand-gmarket-into-japan-and-singapore/#comments Sun, 09 May 2010 15:33:01 +0000 Amit Chowdhry http://pulse2.com/?p=30724 Continue reading →]]>
eBay Inc. (NASDAQ:EBAY) acquired Korean auction website Gmarket for $1.2 billion last fall and they plan to expand it. eBay is partnering with Gmarket founder Young Bae Ku to expand Gmarket to Singapore and Japan. Ku will become the CEO of Gmarket in Singapore and Japan. eBay will own a 49% stake in the joint venture. eBay and Ku will invest $10 million each into the new venture. [TechCrunch]

]]> http://pulse2.com/2010/05/09/ebay-partners-with-young-bae-ku-to-expand-gmarket-into-japan-and-singapore/feed/ 1 eBay Taking Over Gmarket In $1.2 Billion Stock Deal http://pulse2.com/2009/04/16/ebay-taking-over-gmarket-in-12-billion-stock-deal/ http://pulse2.com/2009/04/16/ebay-taking-over-gmarket-in-12-billion-stock-deal/#comments Thu, 16 Apr 2009 07:28:49 +0000 Amit Chowdhry http://pulse2.com/?p=14095 Continue reading →]]> ebay_logogmarket
eBay Inc. (NASDAQ:EBAY) will be taking over Gmarket, an online e-commerce company based in South Korea through a $1.2 billion deal.  As part of the deal Yahoo! Inc. (NASDAQ:YHOO) will be selling their 10% share in Gmarket to eBay.  The $1.2 billion will give eBay a 67% controlling stake in Gmarket.  eBay’s offer is at $24 per share.  This is 20% more than the closing price of $19.96 on the NASDAQ yesterday.

Gmarket would be rolled into Internet Auction Co., the Seoul-based company eBay owns.  This move more than doubles eBay’s sales footprint in South Korea.  Gmarket’s revenue was about $210 million last year.  The value of the goods sold on their website increased 23% over the last year.  In the fourth quarter, eBay made about $1.27 billion.

Interpark Corp., another major shareholder in Gmarket sold their 14.6 million shares to eBay for $350 million as part of the agreement.  After the deal closes, eBay plans to de-list Gmarket from the NASDAQ.  However the auction company plans to spin out Skype through a separate IPO sometime in the next year.

[via Bloomberg]

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