eBay takes controlling stake in Gmarket

Gmarket's directors voted unanimously to approve the transaction, which was expected to be completed by the end of June, with eBay offering US$24 a share.

The total purchase price would be about US$1.2-billion if all outstanding shares are tendered, with eBay currently holding 67% of Gmarket as a result of shares already tendered.

South Korea's Fair Trade Commission last September gave conditional approval for the deal.

"The FTC approved the deal as most Internet-based markets are easily accessible and new competitors may emerge at any time in online markets," a spokesman for the commission said at the time.

California-based eBay announced plans Tuesday to spin off Web communications service Skype, saying it wants to focus entirely on its two core growth engines, e-commerce and online payments.

Source: AFP

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