eBay Inc., a global commerce company, announced it has completed the transfer of 80.01 percent stake in its Korean businesses to Emart for approximately US$3.0 billion of gross cash proceeds.
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“We are pleased to finalise the deal between eBay Korea and Emart, bringing together two strong e-commerce and retail companies that can unlock tremendous potential in Korea,” said Jamie Iannone, Chief Executive Officer, eBay.
“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,” continued Iannone.
The Company will retain a 19.99 percent interest in the Korean businesses, including G-Market, IAC and G-9.
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The Company remains committed to buying back up to US$7 billion worth of shares for this fiscal year.