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By Dhirendra Tripathi
Investing.com – eBay (NASDAQ:EBAY) rose 1.5% Thursday following its agreement with Emart to sell an 80.01% stake for $3 billion in its South Korea business to the country’s largest retailer.
The American online auction company will hold 19.99% stake that has an implied value of $800 million, according to a company note.
The transaction is expected to close by early next year. eBay will retain its stake of approximately 4% of South Korea’s Kakao Bank.
During fiscal year 2020, eBay’s off-platform businesses in Korea contributed over $14 billion in gross market value, and approximately $1.4 billion in revenue, with operating margins in the mid to high single digit range.