eBay Purchases Gmarket for $1.2 Billion

This week, eBay made an aggressive move in South Korea by purchasing Gmarket for $1.2 billion. Gmarket is a marketplace with a large presence in South Korea and eBay plans to align it with Internet Auction Company, a property eBay already owns that also operates in South Korea.
The plan outlined by eBay has the California based company purchasing the Gmarket shares for $24 each and the company says they will acquire at least two-thirds of Gmarket’s shares. Many experts believe eBay is targeting South Korea due to its emerging market and the fact that internet commerce is the company’s specialty.
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