Emart is acquiring 80 percent of eBay Korea for 3.44 trillion won ($3.05 billion), significantly raising its presence in the market and becoming a top-ranked e-commerce player overnight.
Naver walked away from a consortium trying to acquire eBay Korea.
A consortium led by Emart has been named the preferred bidder for eBay Korea, according to local media reports on Wednesday.
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.
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).
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.