EBay buys Korean rival's stake for $413 million

EBay Inc has agreed to buy a controlling stake in South Korean online retailer Gmarket Inc for $413 million, at a 32.5 percent premium, news service eDaily reported on Monday.

The long-discussed deal would help U.S. online auctioneer eBay emerge as a dominant player in South Korea's customer-to-customer online market by taking control of its key competitor.

Source:Reuters