FILE PHOTO: An eBay sign at an office building in San Jose, California, May 28, 2014. REUTERS/Beck Diefenbach/File Photo
SEOUL (Reuters) -South Korean retailer Shinsegae Group's E-Mart Inc said on Thursday it plans to acquire an 80% stake in eBay Inc's South Korean business for 3.4 trillion won ($3 billion).
With the deal, traditional retail giant Shinsegae gets a much-needed boost in the Korean e-commerce sector, where it has lagged after competitors such as No. 1 Coupang, while eBay Korea gains a powerful backer after years of underperforming, analysts said.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
