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Emart inked an agreement to acquire an 80.01% stake in eBay Inc's (EBAY) Korean businesses for $3 billion.
Over the next four years, Emart plans to invest over 1 trillion KRW in fulfillment centers.
Offline stores will also serve as fulfillment centers, reinforcing Shinsegae Group's supply chain management system.
During FY20, eBay's off-platform businesses in Korea contributed over $14 billion in GMV, and $1.4 billion in revenue, with operating margins in the mid to high single-digit range.
The transaction is likely to close by the end of 2021 or early 2022, subject to regulatory approvals.
Recently, the Austrian competition watchdog approved Norway's Adevinta ASA's ADEVF acquisition of eBay Inc's Classifieds Group.
Price action: EBAY shares closed higher by 0.63% at $65.3 on Wednesday.
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