Alibaba Group, E-Mart Agree to Merge South Korea Operations to Create $4 Billion JV-March 2024-www.financetom.com

Alibaba Group, E-Mart Agree to Merge South Korea Operations to Create $4 Billion JV

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Alibaba Group, E-Mart Agree to Merge South Korea Operations to Create $4 Billion JV

Dec 26, 2024 1:43 AM

04:27 AM EST, 12/26/2024 (MT Newswires) -- Alibaba Group Holding ( BABA ) has agreed to merge its South Korean operations with E-Mart's e-commerce platform, Gmarket, news outlets reported Thursday, citing a company regulatory filing.

AliExpress International and Gmarket will form a 50-50 joint venture and plan to make further investments in the new company, Bloomberg News reported.

The new project could be valued at around $4 billion, the report said.

Alibaba ( BABA ) did not immediately reply to MT Newswires' request for comment.

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