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Yanolja's acquisition of Interpark approved by FTC

Published: 28 Mar. 2023, 17:40

Yanolja headquarters in Gangnam District, southern Seoul [YONHAP]

The Fair Trade Commission (FTC) approved Yanolja’s acquisition of Interpark on Tuesday.

The hotel booking company acquired 70 percent of the e-commerce platform for 301.1 billion won ($231.8 million) and reported the acquisition to the FTC last May.

The company did not need to report the matter beforehand because it was not a merger or acquisition of a conglomerate in which the market capitalization or annual revenue exceeds 2 trillion won.

Yanolja aims to enter the global online travel market to provide a variety of related services through its acquisition of Interpark, which is one of the main ticketing platforms for airlines, concerts and exhibitions.

The FTC said that “the takeover will not limit the market competitiveness in related sectors such as online accommodation booking platforms, online reservation and issuing of airline tickets and online ticket reservation for concerts.”

The acquisition will not exclude other competitors, according to the FTC.

About 93.6 percent of consumers use multiple platforms simultaneously, with the average consumer using 2.7 platforms, according to an FTC survey.

“When people book accommodations, they are not likely to simultaneously purchase tickets for airlines and when booking other activities, and consumers usually compare the prices on other platforms and choose the best option given, so the deal will not exclude other companies in these sectors.”

BY LEE JAE-LIM [[email protected]]