Emart reported 937 billion won ($790 million) in consolidated net profit in the third quarter, up 681 percent on year, according to the company’s preliminary report announced on Friday.
The Fair Trade Commission (FTC) approved Emart’s share acquisition of eBay Korea on Friday.
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.
E-commerce laggard Lotte Shopping is trying to make the best of its situation after the opportunity to buy eBay Korea passed it by.
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.
Preliminary bidding for eBay Korea closed Tuesday.
Korea JoongAng Daily Sitemap
