The Internet giant will buy $8.4 billion in Gmarket's total assets from Oak Investment Partners, which is the sole significant outside institutional investor in the company.
"We believe that this strategic investment by Yahoo! is in line with and enhances our strategy to pursue growth opportunities abroad and also complements our continued strategy of providing to our users a comprehensive selling and convenient buying platform. In connection with Yahoo!'s investment, we have agreed with Yahoo! to seek ways to implement various strategic initiatives internationally and in Korea," Gmarket Chief Executive Young Bae Ku said in a news release.
Meanwhile, Yahoo!' Chief Operating Officer Dan Rosensweig stated that "Gmarket's strength in e-commerce complements the strong offerings we already provide in the Korean market across communications, content and search through Yahoo! Korea and Overture Korea. Additionally, we look forward to working with Gmarket to leverage their e-commerce expertise to further expand Yahoo!'s leading position in commerce in Asia."
Copyright 2006 by United Press International
Related stories:
The Unleveling of Play: Internet Surveillance & Governmental Intrusion
It is estimated that around 25 countries place restrictions on content for citizens utilizing the Internet. Citizens Lab has published a guide for world-wide users to by-pass censors. Additionally, the Lab introduces Psiphon a software program that allows approved members to access the Psiphon network of servers.
Abandoning net neutrality discourages improvements in service
Charging online content providers such as Yahoo! and Google for preferential access to the customers of Internet service providers might not be in the best interest of the millions of Americans, despite claims to the contrary, a new University of Florida study finds.
Search engines return similar results for e-commerce comparison shopping
Consumers who go to multiple search engines looking for the best prices or products may be spending more time than needed, says a Penn State researcher.
The Web: 'Wild West' of the Internet
The Wild West ethos that animated the Internet during its first decade of commercial popularity is being tamed through litigation, experts tell United Press International's The Web.
Yahoo! to fully own European, Korean sites (Update)
Yahoo! Inc. said Monday it will pay a total of $500 million to gain full control of its sites in Britain, Germany, France and South Korea.
Yahoo! buys shares in Europe, Korea units
Yahoo! said Monday it plans to buy the remaining shares in its European and Korean subsidiaries.
Adobe to make searching easier on Flash sites
(AP) -- Internet users will now have an easier time finding sites that rely heavily on the popular Flash video format.
Report: Microsoft seeks help for another Yahoo bid
(AP) -- Unable to strike a deal on its own, Microsoft Corp. reportedly is hoping to snap up Yahoo's online search operations with the help of News Corp. and Time Warner Inc.
