The race to acquire eBay Korea LLC, South Korea’s largest open marketplace that operates Gmarket, Auction, and G9, is heating up as another big household name SK Telecom that runs its own e-commerce 11Street may join Kakao, Shinsegae, and Lotte in preliminary bidding on Tuesday.
According to multiple sources from the retail and information technology industries on Monday, mobile carrier SK Telecom is considering taking part in a bid for eBay Korea as it is seeking various ways to enhance competitiveness of its online marketplace 11Street that accounted for 6 percent of Korea’s burgeoning e-commerce market last year with transaction value reaching over 10 trillion won ($8.8 billion). The company is also reviewing an initial public offering of 11Street.
With eBay Korea, 11Street would become one of the country’s big 3 e-commerce players along with Naver and Coupang. Next news.
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