eBay buys Gmarket in Korea for $1.2 billion

eBay will combine its Internet Auction Company business in Korea with Gmarket to extract synergies, but will operate the two e-commerce sites separately after the deal.

US online auction site eBay will acquire control of Korean e-commerce business Gmarket for up to $1.2 billion. eBay will combine Gmarket with its existing online marketplace in Korea, Internet Auction Company IAC, although it intends to maintain the two sites as distinct entities.
 
eBay said on Thursday that it will offer $24 per share for all of Gmarket's ordinary shares and American depositary shares. The total outlay will be $1.2 billion, assuming all outstanding shares are tendered....

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