EBay in talks for stake in South Korean auction site

EBay Inc. said Wednesday that it was involved in talks to buy a minority stake in the South Korean online marketplace operator Gmarket Inc.

The discussions are with Interpark Corp. and its chairman, Ki Hyung Lee, who own a combined 37% of Gmarket. Yahoo Inc. also owns a stake in Gmarket.

A purchase would mark EBay’s latest move to capture the online auction market outside the United States. The company says more than half of its revenue already comes from abroad.

EBay already runs Korean online auction site Internet Auction. EBay’s other international moves include its stake in Buenos Aires-based MercadoLibre Inc. and its re-entrance into the Japanese market with Yahoo Japan Corp., Yahoo’s joint venture with Softbank Corp.

EBay spokesman Jose Mallabo said no definitive agreement had been reached but a voluntary filing was made with the Korea Fair Trade Commission seeking preliminary approval.