eBay acquires controlling stake in Gmarket

    US based online auction industry giant eBay has announced that they are now acquiring a controlling stake in South Korean online retailer Gmarket.

    The deal is worth around $413 million which comes to a premium of 32.5 percent at current market price of the company.

    With this, eBay gets to become a major player in the South Korean online shopping market.

    Gmarket has around 10 million customers who use their services to buy and sell products online.