Ebay sells majority stake in Korea business

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The online trading platform Ebay is continuing its streamlining course: The group is separating from the majority of its Korean business and wants to sell its stake in the local provider Emart, as the Americans announced on Thursday. According to the agreement, 80.01 percent will go to Emart, for which the South Koreans put 3.44 trillion won (the equivalent of around 2.5 billion euros) on the table. The transaction is expected to close by year-end or early next year, subject to regulatory approvals.

The separation from the Korean business follows the strategy of CEO Jamie Iannone, who took up office in the pandemic in April 2020. He wants to streamline the online retailer and at the same time encourage customers to spend more. Ebay has so far been able to benefit from the Corona crisis because people have increasingly been shopping on the Internet because of the lockdowns. However, compared to Amazon and other competitors, growth is lagging behind.

Last year Ebay sold the Stubhub ticket exchange for around $ 4.05 billion. In addition, the group sold its classifieds division to the Norwegian advertising portal operator Adevinta.


(bme)

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