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Alibaba, E-Mart Plan $4 Billion JV in Korea
Mint Hyderabad
|December 27, 2024
Alibaba Group Holding Ltd. agreed to merge its South Korean operations with E-Mart Inc.'s e-commerce platform to better compete in the country's fast-paced online retail sector.
AliExpress International and Gmarket are creating a 50:50 joint venture, according to a stock exchange filing by E-Mart, which confirmed a report by Bloomberg News. The companies plan to make further investments in the JV, which will own 100% of Gmarket.
The new entity could be valued at about $4 billion, people familiar with the matter told Bloomberg.
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