Going, going, gone

eBay buys Korean online auction house - Internet Auction - a further example of global internet companies feasting on their Asian cousins.

eBay, the world's largest and best known internet auction company, has agreed to buy Internet Auction, the largest Korean online auction company, for $120 million in cash. With 2.8 million users, this price equates to almost $43 per registered user.

The deal is the latest example of global internet companies acquiring their Asian counterparts as one of the quickest ways to get growth. Although this deal will increase eBay's 2001 revenue by $20 million, it will actually diminish its earnings per share by $0.002 due to the loss of interest income.

eBay is buying just over 50% of the issued share capital of Internet Auction from Sung Moon Kwon, and companies that he controls....

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