EBay to Boost Stake in S. Korea Auction Firm
From Associated Press
EBay Inc., which has been aggressively expanding in Asia, plans to increase its stake in South Korea’s largest online auction company.
The San Jose-based Internet auction giant said it would buy nearly 3 million publicly held shares of Internet Auction Co. from institutional investors, mainly venture capitalists, to boost its ownership stake to 86% from 62%.
The $325.6-million cash purchase is expected to be completed as soon as Seoul-based Internet Auction’s stock hits $108.85 and clears local securities regulations.
EBay shares climbed $1.09 to $87.63 on Nasdaq.
