eBay: divests Korean business
(CercleFinance.com) - eBay has announced that it has reached an agreement with Emart to sell an 80.
01% stake in its Korean operations for a gross cash consideration of about 3 billion dollars.
In 2020, eBay's off-platform business in Korea accounted for over 14 billion dollars in GMV and about 1.4 billion dollars in revenue, with operating margins in the mid- to high-single digits.
eBay adds that the transaction is expected to close by the end of this year - or early next year - subject to regulatory approvals, including acceptance by the Bank of Korea.
eBay shares are up almost 1% in the first hour of trading on Wall Street this Thursday - pretty much in line with the market.
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