Shinsegae to acquire eBay Korea
What: eBay Korea has finally been bought by Shinsegae for a USD 3.9 billion price, with financial backing from Naver.
Why is it important: The sale will imply major changes in Korean e-commerce industry, transforming one of the top bricks-and-mortar retailers to a leading online player.
Shinsegae apparently offered a price below eBay's expectations, set to USD 4.4 billion.
Lotte Shopping and E-Mart submitted separate letters of intent to acquire eBay Korea earlier. The country's top telecom company, SK Telecom, and private equity firm (PEF) MBK Partners dropped out of the race.
Shinsegae to acquire eBay Korea for $3.9 bil.
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