Yahoo! buys 10-percent stake in Gmarket

Jun 07, 2006
Yahoo

Yahoo! will acquire a 10-percent stake in South Korea's Gmarket, an e-commerce provider.

The Internet giant will buy $8.4 billion in Gmarket's total assets from Oak Investment Partners, which is the sole significant outside institutional investor in the company.

"We believe that this strategic investment by Yahoo! is in line with and enhances our strategy to pursue growth opportunities abroad and also complements our continued strategy of providing to our users a comprehensive selling and convenient buying platform. In connection with Yahoo!'s investment, we have agreed with Yahoo! to seek ways to implement various strategic initiatives internationally and in Korea," Gmarket Chief Executive Young Bae Ku said in a news release.

Meanwhile, Yahoo!' Chief Operating Officer Dan Rosensweig stated that "Gmarket's strength in e-commerce complements the strong offerings we already provide in the Korean market across communications, content and search through Yahoo! Korea and Overture Korea. Additionally, we look forward to working with Gmarket to leverage their e-commerce expertise to further expand Yahoo!'s leading position in commerce in Asia."

Copyright 2006 by United Press International

Explore further: What Microsoft didn't say about Windows 10 is important to know

add to favorites email to friend print save as pdf

Related Stories

Recommended for you

Google delivers another earnings letdown, stock sinks

2 hours ago

Google has gotten into the habit of missing analysts' earnings targets, frustrating investors who believe the online search leader would be more profitable it wasn't pouring so much money into far-flung projects ...

Skin device uses motion to power electronics

3 hours ago

Can a skin patch power wearables? Skin-based generators have become an area of focus among researchers working on how to scavenge muscle motion whereby skin becomes a charge-collector. A detailed report in ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.