SAN JOSE, Calif., Nov. 14, 2021 /PRNewswire/ -- eBay Inc.
(Nasdaq: EBAY), a global commerce leader that connects millions of
buyers and sellers around the world, today announced it has
completed the transfer of 80.01% stake in its Korean businesses for
approximately $3.0 billion USD of
gross cash proceeds.
"We are pleased to finalize the deal between eBay Korea and
Emart, bringing together two strong ecommerce and retail companies
that can unlock tremendous potential in Korea," said Jamie Iannone, Chief Executive Officer, eBay.
"By joining Emart, the eBay Korea business has an enormous
opportunity ahead. We believe this deal allows eBay to further
focus on growing our core marketplace and will offer additional
value for our customers, employees and shareholders."
The Company will retain a 19.99% interest in the Korean
businesses, including G-Market, IAC and G-9.
The Company remains committed to buying back up to $7 billion worth of shares for this fiscal year.
Please reference the 8-K that eBay plans to file Monday, November 15 (US time) for further
information.
About eBay:
eBay Inc. (Nasdaq: EBAY) is a global
commerce leader that connects millions of buyers and sellers in
more than 190 markets around the world. We exist to enable economic
opportunity for individuals, entrepreneurs, businesses and
organizations of all sizes. Founded in 1995 in San Jose, California, eBay is one of the
world's largest and most vibrant marketplaces for discovering great
value and unique selection. In 2020, eBay enabled over $85 billion of gross merchandise volume. For more
information about the company and its global portfolio of online
brands, visit www.ebayinc.com.
Forward-Looking Statements
Certain statements
herein are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Exchange Act. Such forward-looking statements are often
identified by words such as "anticipate," "approximate," "believe,"
"commit," "continue," "could," "estimate," "expect," "hope,"
"intend," "may," "outlook," "plan," "project," "potential,"
"should," "would," "will" and other similar words or expressions.
Such forward-looking statements reflect eBay's current expectations
or beliefs concerning future events and actual events may differ
materially from historical results or current expectations. The
reader is cautioned not to place undue reliance on these
forward-looking statements, which are not a guarantee of future
performance and are subject to a number of uncertainties, risks,
assumptions and other factors, many of which are outside the
control of eBay. The forward-looking statements in this document
address a variety of subjects including, for example, the potential
benefits of the transaction. The following factors, among others,
could cause actual results to differ materially from those
described in these forward-looking statements: the possibility that
eBay may not fully realize the projected benefits of the
transaction; business disruption following the transaction;
diversion of management time on transaction-related issues; and the
reaction of customers and other persons to the transaction. In
addition, actual results are subject to other risks and
uncertainties that relate more broadly to eBay's overall business,
including those more fully described in eBay's filings with the
Securities and Exchange Commission, including its annual report on
Form 10-K for the fiscal year ended December
31, 2020 and subsequent quarterly reports on Form 10-Q. The
forward-looking statements in this document speak only as of this
date. We undertake no obligation to revise or update publicly any
forward-looking statement, except as required by law.
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SOURCE eBay Inc.