EBay makes $1.2 billion bid for South Korean auction site

04/16/2009 | Financial Times (free content)

EBay is striving to accelerate its move into Asia by making a $1.2 billion bid for South Korean auction site Gmarket. In 2001, eBay acquired Internet Auction, a local competitor of Gmarket's. With the acquisition, EBay would control 37% of the South Korean e-commerce market, the sixth largest in the world.

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