Shinsegae-Naver Selected as Preferred Bidder for eBay Korea Acquisition (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Jo In-kyung] Shinsegae Group has been virtually confirmed as the acquirer of eBay Korea, the third-largest player in the domestic e-commerce industry.

According to investment banking (IB) and retail industry sources on the 16th, eBay headquarters held a board meeting the day before and selected the Shinsegae-Naver consortium as the preferred bidder for the acquisition of eBay Korea. The sale price is reported to be around 4 trillion KRW.

Earlier, in the main bidding held on the 7th, Shinsegae submitted a letter of intent to acquire in a consortium with Naver. Lotte Group participated independently.

SK Telecom and private equity firm MBK Partners, who initially considered acquiring eBay Korea, did not participate in the final bidding.

eBay Korea, which entered the domestic market in 2000, currently operates Gmarket, Auction, and G9. Last year, its transaction volume was about 20 trillion KRW, accounting for approximately 12.4% of the domestic e-commerce market, estimated at 161 trillion KRW.

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