Business
eBay Completes Transfer of its Businesses in Korea to Emart
The company has completed the transfer of 80.01% of eBay Korea to Emart for approximately $3.0 billion USD SAN JOSE, Calif., Nov. 14, 2021 /PRNewswire/ --
About this update from Ebay Inc.
[{"type":"text","content":"The company has completed the transfer of 80.01% of eBay Korea to Emart for approximately $3.0 billion USD\n\n\nSAN JOSE, Calif., Nov. 14, 2021 /PRNewswire/ -- eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced it has completed the transfer of 80.01% stake in its Korean businesses for approximately $3.0 billion USD of gross cash proceeds. \n\n \n \n \n \n \n \n\n \n\"We are pleased to finalize the deal between eBay Korea and Emart, bringing together two strong ecommerce and retail companies that can unlock tremendous potential in Korea,\" said Jamie Iannone, Chief Executive Officer, eBay. \"By joining Emart, the eBay Korea business has an enormous opportunity ahead. We believe this deal allows eBay to further focus on growing our core marketplace and will offer additional value for our customers, employees and shareholders.\" \nThe Company will retain a 19.99% interest in the Korean businesses, including G-Market, IAC and G-9. \nThe Company remains committed to buying back up to $7 billion worth of shares for this fiscal year. Please reference the 8-K that eBay plans to file Monday, November 15 (US time) for further information.\nAbout eBay: eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects millions of buyers and sellers in more than 190 markets around the world. We exist to enable economic opportunity for individuals, entrepreneurs, businesses and organizations of all sizes. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2020, eBay enabled over $85 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com. \nForward-Looking Statements Certain statements herein are \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Such forward-looking statements are often identified by words such as \"anticipate,\" \"approximate,\" \"believe,\" \"commit,\" \"continue,\" \"could,\" \"estimate,\" \"expect,\" \"hope,\" \"intend,\" \"may,\" \"outlook,\" \"plan,\" \"project,\" \"potential,\" \"should,\" \"would,\" \"will\" and other similar words or expressions. Such forw...