EBay close to selling Korean unit

Global e-commerce business eBay is reportedly selling off its Korean businesses G-Market, Auction, and G9, in a deal worth $4.5 billion (5 trillion won).

eBay is exploring a number of “strategic alternatives” for its Korean business and is looking for options that will maximize value for shareholders and create growth for the wider business.

“From last week, we heard there is going to be an announcement made by our headquarters in the United States. Given that it said it was considering a variety of options, it seems to be in the process of selling the platforms,” an eBay Korea official said.

EBay’s Korean platforms provide around 11 percent of its annual sales, and it’s expected any player that acquires the three businesses could become one of the top three e-commerce platforms in Korea.

Rival marketplace Coupang, which is considered South Korea’s most popular online retailer, is reportedly looking to go public in the first half of 2021.