The Korean Fair Trade Commission (FTC) has approved the merger of Ebay Auction with Gmarket. The companies combined, based on last years numbers, will control more than 72% of the domestic online shopping market.
The remainder of the market is split, primarily by 11 Street (SK Telecom unit) and Interpark.
Ebay purchased Gmarket in 2009 for nearly USD 1.3 billion and was planning this merger, since the purchase.
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SeanHayes@ipglegal.com
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