A consortium led by Emart has been named the preferred bidder for eBay Korea, according to local media reports on Wednesday.
Shinsegae and Lotte Shopping submitted their bids to take over Korea's third largest e-commerce retailer, eBay Korea, a deal that will shake up the country's e-commerce retail segment.
When eBay Korea put itself on the block in January, Kakao seemed to be one of the most promising bidders as it does battle in the highly-competitive e-commerce market.
The Emart-Naver stock swap is the latest step in the building of a dominant e-commerce player that may be able to fend off recently-listed Coupang.
Competition for the acquisition of eBay Korea, one of the leading e-commerce retailers in Korea, is beginning to heat up as major retail and IT firms including Kakao and Shinsegae are stepping forward as potential bidders...
Kakao is exploring the purchase of eBay Korea, which is expected to cost the successful buyer 5 trillion won ($4.4 billion).
Guitar sales rose 44 percent between Dec. 25 and Jan. 24 as more people have been staying home due to the strict social distancing due to Covid-19.
eBay Korea is in play, and its sale could shake up the already cutthroat e-commerce market.
eBay may be selling its Korean unit, which operates Gmarket and Auction.