Shinsegae Group’s E-Mart officially acquired about 80 per cent of share in eBay Korea, which operates G market and Auction, on the 30th.
E-Mart announced that it has signed a stock trading contract to acquire 80.01 per cent stake in eBay Korea through a subsidiary company, Emerald SPV. Emerald SPV will invest 3.44 trillion KRW.
Emerald SPV is a special purpose company (SPC) established by E-Mart on the 18th to acquire shares in eBay Korea. Shin Dong-woo, head of E-Mart’s strategic planning division, is the CEO.
E-Mart previously announced on the 24th that it plans to sign a ‘SPA (Share Purchase Agreement)’ contract with eBay USA headquarters to acquire eBay Korea.
Through the agreement, E-Mart unveiled a contract clause that said, ‘Emerald SPV has a call option for 19.99 per cent of the remaining stake in eBay Korea that seller will hold for a certain period after the acquisition date.’ Call option is a ‘right to buy’. It means that E-Mart has opened a way to acquire 100 per cent stake in eBay Korea.
However, the price and timing of acquisition have not been confirmed yet. The detailed conditions will be confirmed on the date of the acquisition for 80.01 per cent stake or before.
Source: Business-Standard