Reuters is reporting that eBay has found a buyer for its Korean marketplace, part of the downsizing of eBay Inc. that resulted from a campaign by activist investors that began in January 2019.
Citing Euromonitor, the wire report said eBay Korea is the country’s third-largest ecommerce company with its Gmarket, Auction, and G9 platforms.
Retailer Shinsegae Group’s E-Mart Inc and web portal operator Naver will buy eBay Korea, according to Reuters (via Yahoo Finance), which noted that E-Mart informed regulators it had entered a binding bid that had not been finalized.
After the ouster of eBay’s CEO in September 2019, eBay capitulated to the pressure campaign from Elliott Management and Starboard Value and sold StubHub to viagogo for $4.05 billion in cash in February 2020, and it is in the process of selling its classifieds unit in a deal complicated by regulatory oversight and now valued at $12.7 billion.
eBay has also changed the composition of its Board, including replacing its Chairman and seeing the retirement of eBay founder Pierre Omidyar.