Benzinga | Jun 24, 2021 06:20AM EDT

Emart To Acquire Majority Stake eBay's Korea Businesses For $3B

* Emart inked an agreement to acquire an 80.01% stake in eBay Inc's (NASDAQ: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 (OTC:ADEVF) acquisition of eBay Inc's Classifieds Group.

* Price action: EBAY shares closed higher by 0.63% at $65.3 on Wednesday.