BUSINESS BRIEFING / INTERNET
TIMES WIRE REPORTS
EBay Inc. said it agreed to pay as much as $1.2 billion to buy a majority stake in Gmarket Inc., South Korea’s top online marketplace, in a bid by the Silicon Valley firm to expand its presence in Asia.
“Asia is a very fast-moving market, fast-growing market,” John Pluhowski, an EBay vice president, said in Seoul. The acquisition would spur growth for EBay not only in South Korea “but also in regions throughout Asia and beyond.”
News of the deal came two days after EBay said it would spin off its Internet communications service Skype through an initial public offering.
