<p>EBay will sell its South Korean business to retailer Shinsegae Group and e-commerce firm Naver for about 4 trillion won ($3.6 billion), local newspapers reported on Wednesday.</p>.<p>EBay Korea is the country's third-largest e-commerce firm with market share of about 12.8% in 2020, according to <em>Euromonitor</em>. It operates the platforms Gmarket, Auction and G9.</p>.<p>Shinsegae, Naver and eBay Korea declined to comment.</p>.<p>Lotte Shopping had also been in the running, the <em>Korea Economic Daily </em>and other newspapers said, citing unnamed investment banking sources.</p>.<p>South Korea represents the world's fourth largest e-commerce market. Driven by the coronavirus pandemic, e-commerce has soared to account for 35.8% of the retail market in 2020 compared with 28.6% in 2019, according to Euromonitor data.</p>.<p>Shinsegae and Naver formed a retail and e-commerce partnership in March by taking stakes worth 250 billion won in each other's affiliates.</p>
<p>EBay will sell its South Korean business to retailer Shinsegae Group and e-commerce firm Naver for about 4 trillion won ($3.6 billion), local newspapers reported on Wednesday.</p>.<p>EBay Korea is the country's third-largest e-commerce firm with market share of about 12.8% in 2020, according to <em>Euromonitor</em>. It operates the platforms Gmarket, Auction and G9.</p>.<p>Shinsegae, Naver and eBay Korea declined to comment.</p>.<p>Lotte Shopping had also been in the running, the <em>Korea Economic Daily </em>and other newspapers said, citing unnamed investment banking sources.</p>.<p>South Korea represents the world's fourth largest e-commerce market. Driven by the coronavirus pandemic, e-commerce has soared to account for 35.8% of the retail market in 2020 compared with 28.6% in 2019, according to Euromonitor data.</p>.<p>Shinsegae and Naver formed a retail and e-commerce partnership in March by taking stakes worth 250 billion won in each other's affiliates.</p>