The new entity could be valued at about US$4 billion ($5.44 billion), people familiar with the matter told Bloomberg, asking not to be identified discussing confidential information.
Alibaba Group Holding agreed to form a joint venture for its South Korean operations with E-Mart’s e-commerce platform to better compete in the country’s fast-paced online retail sector.
AliExpress International and Gmarket are creating a 50-50 JV, according to a stock exchange filing by E-Mart, which confirmed a report by Bloomberg News. The companies plan to make further investments in the JV, which will own 100% of Gmarket. Both Gmarket and AliExpress Korea will continue to operate their platforms independently.
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